Entertainment News Highlights: Paramount Profits, Taylor Swift Concerts Cancelled, Travis Scott Arrested

A recap of major entertainment news includes Paramount's share rise due to streaming growth, Travis Scott's arrest in Paris, and the cancellation of Taylor Swift's Austrian concerts due to security threats. Disney's D23 event previewed upcoming films, while Blake Lively discussed her role in 'It Ends With Us'.

Paramount Global's shares rose significantly on Friday, driven by strong growth in its streaming business, despite a write-down in its TV unit. The company exceeded market expectations for earnings, showcasing its streaming unit's first profit in three years and announcing a 15% workforce reduction in the U.S.

Shares of Warner Bros Discovery saw a sharp decline after a $9.1 billion write-down on its TV assets raised concerns about its broadcasting business. The media giant reported a $10 billion net loss for the second quarter, overshadowing its strong streaming subscriber growth.

Grammy-nominated rapper Travis Scott was arrested in Paris for an altercation with a security guard. A criminal investigation has been launched following the incident at the luxury Georges V hotel.

Insurers are bracing for substantial claims after the cancellation of three Taylor Swift concerts in Vienna due to a foiled attack. Fans expressed their disappointment as the events, expected to draw 195,000 attendees, were called off for security reasons.

Disney's D23 fan convention showcased upcoming films like 'Moana 2,' 'Incredibles 3,' and 'Mufasa: The Lion King.' Stars such as Dwayne Johnson made appearances, exciting the audience with previews and performances.

(With inputs from agencies.)