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BRUSSELS, Jan 20 (Reuters) – Universal Music Group is set to secure conditional EU antitrust approval for its $775 million bid for Downtown Music, people with direct knowledge of the matter said. Universal last month offered to divest Downtown's royalty services platform Curve to address the European Commission's competition concerns. The EU antitrust watchdog has not demanded further concessions, the people said. (Reporting by Foo Yun Chee; Editing by Kirsten Donovan)

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BRUSSELS, Jan 20 (Reuters) – Universal Music Group is set to secure conditional EU antitrust approval for its $775 million bid for Downtown Music, people with direct knowledge of the matter said. Universal last month offered to divest Downtown's royalty services platform Curve to address the European Commission's competition concerns. The EU antitrust watchdog has not demanded further concessions, the people said. (Reporting by Foo Yun Chee; Editing by Kirsten Donovan)

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By Miranda Murray BERLIN, Jan 20 (Reuters) – Twenty-two films, from a reflection on ageing starring Juliette Binoche to a Japanese anime feature and a historical drama with German indie actor Sandra Hueller, are among the diverse contenders for the Berlin Film Festival's top prize next month. The 76th iteration of the Berlin Film Festival, which last year welcomed more than 450,000 audience members, will run from February 12 to 22 this year. The competition section features productions from 28 countries, including the anime feature debut by Yoshitoshi Shinomiya, "A New Dawn", as well as an American documentary by Anna Fitch and Banker White about female friendship called "YO Love is a Rebellious Bird."  FAMILY FOCUS  Family stories are particularly well-represented, with Rupert Grint of Harry Potter fame in the dark fairy tale "Nightborn", while "Josephine" is a psychological thriller with Channing Tatum, about a family whose sense of safety has been shattered. The Amy Adams-anchored "At the Sea" is about a woman returning home after rehab.  French actor Binoche will star in "Queen at Sea" while Hueller, who starred in Oscar-winning "Anatomy of a Fall" and "Zone of Interest", will lead the black-and-white drama "Rose", set at the end of the Thirty Years' War. New this year is a program targeting young people aged 18 to 25, with tickets costing only 6 euros ($7.04).  "We are in a battle for this art form that we love so dearly," said festival director Tricia Tuttle at a press conference on Tuesday. "It's a battle to ensure that cinema culture can retain its breadth." CELEBRITIES HEAD TO GERMAN CAPITAL Celebrities and big Hollywood names will descend upon the cold German capital, including Oscar winner Michelle Yeoh, who will pick up an honorary Golden Bear prize at the opening ceremony for her work in films such as "Everything Everywhere All At Once" and "Crouching Tiger, Hidden Dragon." Afghan filmmaker Shahrbanoo Sadat will open this year's festival with "No Good Men" about the country's deeply patriarchal society. "It's a film that has a really important thing to say about the world, to remind us all of our share of humanity and our responsibility," said Tuttle.  Veteran German director Wim Wenders, 80, will head the international jury that hands out the festival's Golden Bear top prize. "We couldn't believe that he hasn't done it before," said Tuttle.​ ($1 = 0.8524 euros) (Reporting by Miranda Murray; Editing by Alexandra Hudson)

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Jan 20 (Reuters) – Netflix submitted an amended all-cash offer for Warner Bros Discovery's studio and streaming businesses, winning unanimous board support without raising the $82.7 billion price tag, according to a regulatory filing. The move marks the latest chapter in the race for assets that include Warner Bros' iconic film and TV studio and its vast library of movies and television shows. Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale. Date Event 1922 Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader. The first issue of Time magazine was published in March 1923. 1923 Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films. 1969  Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. 1972 HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television. 1990 Time Inc merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world. 1996  Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast classic film library. 2000  Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. 2002 AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL. 2003 CEO Steve Case resigns from AOL Time Warner. 2004 Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion. 2009 Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.  2009  Time Warner spins off AOL.  2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing. 2016 AT&T announces acquisition of Time Warner for $85 billion. 2018 AT&T completes its acquisition of Time Warner after regulator's approval, renaming it WarnerMedia. 2021 AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. 2022 WarnerMedia and Discovery complete their merger in a $43 billion deal. June 2025 Warner Bros Discovery announces it would separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets. October 2025 Warner Bros Discovery's board rejects a Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors. November 2025 Axios reports that Warner Bros Discovery's board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November 2025 Warner Bros Discovery receives preliminary buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December 2025 Warner Bros Discovery receives a second round of bids, including a mostly cash offer from Netflix. December 2025 Paramount Skydance accuses Warner Bros Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company. December 2025 Netflix is in exclusive talks to buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December 2025 Netflix agrees to buy Warner Bros Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December 2025 Paramount Skydance makes a hostile bid for Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. December 2025 Warner Bros Discovery's board rejects Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances. December 2025 Paramount Skydance amends its offer to buy Warner Bros Discovery to include a $40.4 billion personal guarantee from Larry Ellison. January 2026 Warner Bros Discovery rejects Paramount Skydance's amended hostile bid despite Larry Ellison's guarantee. January 2026 Paramount Skydance files lawsuit to force Warner Bros Discovery to disclose details of its deal with Netflix and plans to nominate directors to Warner Bros Discovery's board. Netflix amends its bid to an January 2026 all‑cash offer for Warner Bros Discovery's studio and streaming units and secures unanimous approval from the Warner Bros board without increasing the $82.7 billion purchase price. (Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo, Arun Koyyur and Shinjini Ganguli)

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By Giulia Segreti ROME, Jan 19 (Reuters) – It was a mix of carmine and scarlet, with a hint of orange – a new hue, inspired by an elderly woman at Barcelona's opera house, whose elegance struck a young Valentino Garavani. The colour, introduced to the fashion world several years later, in 1959, with a strapless cocktail dress of draped tulle, has carried his name – "Valentino red" – ever since, doubling as the eponymous Italian fashion group's signature. "I think a woman dressed in red is always wonderful, she is the perfect image of a heroine," Valentino wrote in the book "Rosso" (Red), released in 2022. He would include at least one red dress in every one of his collections. Valentino, the Italian fashion designer who built one of the country's most celebrated luxury houses and was known in the industry as "the emperor", died on Monday at his home in Rome, his foundation said. He was 93. The cause of death was not immediately known. 'I LOVE BEAUTY' Valentino ranked alongside Giorgio Armani and Karl Lagerfeld as the last of a leading generation of designers, from an era before fashion became a highly commercial industry run as much by financiers and marketing executives as by couturiers. Scaling the heights of high fashion, he was the first Italian to feature on the exclusive Paris haute couture catwalks. Passionate about film, he dreamed as a young man of dressing the "beautiful ladies of the silverscreen", as he called them, among them 1950s Hollywood stars Lana Turner and Judy Garland. Valentino would eventually design Elizabeth Taylor's wedding gown, and was the first choice for numerous Oscar winners, including Sharon Stone and Penelope Cruz. His romantic designs, simple at first glance, were full of intricate detail. "I love beauty," Valentino said. "It is not my fault. And I know what women want: they want to be beautiful." The designer, who also dressed Jackie Kennedy, created a business empire under his own name before selling it off ahead of his retirement, in 2008. 'YOU NEED A LOT OF PATIENCE' Valentino was an only child, born into a well-to-do family in Voghera, south of Milan, where his father ran an electrical supplies company. Having started drawing and appreciating high-end clothes from a young age, he studied couture in Milan and Paris, where he then worked as an apprentice for designer Jean Dessès. He returned home in 1960, opening his own fashion house in the heart of Rome. That year, Elizabeth Taylor chose a white Valentino gown for the premiere of blockbuster "Spartacus". Also in 1960, he met Giancarlo Giammetti in a Roman cafe. Giammetti would go on to be his partner in business and in life. "To share life with a person for your whole existence – every moment, joy, pain, enthusiasm, disappointment – is something that cannot be defined," Valentino said of him. Giammetti took on the managerial part of the business, leaving creative matters to the designer. "To be with Valentino as a friend, as a lover and as an employee is a bit the same: you need a lot of patience," Giammetti said in "Valentino: The Last Emperor", a documentary that followed the designer in the last two years of his career. Valentino's georgette fabrics, chiffon ruffles and ornate embellishments, including the exclusive budellini technique – where long strips of sheep's wool are hand rolled into tubes, wrapped in silk and stitched together – won him a multitude of awards, including France's highest civilian distinction in 2006. "Fame and fortune didn't change him," Giammetti said at the time. "He is still the little guy I met 45 years ago." Superstitious and introverted, Valentino loved chocolate, skiing and his pugs. He told Corriere in 2017 that he was afraid of death. 'THE PERFECT MOMENT TO SAY ADIEU' In 2007 he wowed Rome with lavish celebrations to celebrate his decades in fashion – a three-day event that included dinners, parties and exhibitions with thousands of guests flying in from around the world. Months later he announced that he would stop designing for his company, which he no longer controlled after selling the firm almost a decade earlier for some $300 million. "I have decided that this is the perfect moment to say adieu to the world of fashion," he said. "As the English say, I would like to leave the party when it is still full." His last catwalk show was held in January 2008 in Paris, a city he called his second home and which he said had taught him to love fashion and life. The business that bears his name was bought by Qatari fund Mayhoola for 700 million euros in 2012. French luxury group Kering bought a 30% stake in 2023, with a commitment to fully acquire the business from 2026, but then deferred the move to 2028 at the earliest. Valentino and Giammetti remained active in supporting the arts. Their foundation opened the PM23 gallery in the centre of Rome in 2025, next to the Valentino headquarters. Fittingly, the opening exhibition – "Horizons/Red" – focused on the colour most closely associated with Valentino. "Red isn't just a colour," Giammetti said at the time. "It's a symbolic and aesthetic force of extraordinary power." (Editing by Olivier Holmey)

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WASHINGTON, Jan 19 (Reuters) – U.S.-based Universal Music Group struck a deal with Chinese music streaming service NetEase Cloud Music, the two music companies announced Monday. The multi-year license agreement allows UMG-signed artists like Taylor Swift to stream on NetEase's platform. The deal includes provisions and terms covering artificial intelligence both companies said reflect a "shared commitment to responsible AI practices that support and protect the music and artists that UMG represents," in a statement announcing the deal. The two companies entered into an agreement in 2020 similar to Monday's deal. The terms of the deal were not disclosed. "We are thrilled to expand our partnership with NetEase Cloud Music to further introduce UMG’s unrivaled artist roster and music catalog available to Chinese music fans," said Timothy Xu, CEO of Universal Music Greater China, in the statement. (Reporting by David Hood-Nuño; Editing by Alistair Bell)

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