Evening Scan

The Paramount-WBD mega-merger hit a wall today, and Sony turned up the legal heat on AI music. Big Tech's off-balance-sheet math is also getting harder to ignore.

~$1.65T — Estimated off-balance-sheet debt now carried by Alphabet, Microsoft, Amazon, Meta, and Oracle combined, up roughly 8x since 2022, eclipsing their on-balance-sheet borrowing. (Nikkei Asia)

Judge Halts Paramount's $111B Warner Bros. Merger

A dozen state AGs got their temporary restraining order, putting the biggest media deal in years on ice before it could close. (Ars Technica)

Sony Files Second Copyright Suit Against Udio — 30,117 Songs

A judge blocked Sony from adding these claims to the original case, so they filed a new one — a tactic indicating this fight will extend well beyond the initial ruling. (Music Business Worldwide)

Europe Fines AliExpress €550M for Selling Dodgy Goods

The largest DSA fine on record. Brussels is explicitly trying to break the business model, not just clip the margins. (The Register)