What to know about Pedro Sánchez's bid to turn Spain's housing crunch into an electoral victory

BARCELONA, Spain (AP) — Spanish Prime Minister Pedro Sánchez 's political career has been marked by close calls. And, once again, he has decided to roll the dice.

One of the longest-serving progressive leaders in Europe and an outspoken critic of U.S. President Donald Trump, Sánchez called for early elections on Monday in hopes of tapping into public rage over the nation’s housing affordability crunch.

But his opponents have been eager to pounce on a leader whose support has fallen. Spain has seen an emerging coalition of the conservatives and the far right, which are both aiming to use migration concerns against the prime minister, whose government allowed over 1 million immigrants to apply for legal status.

Here’s what you need to know looking toward Spain’s elections on Nov. 29:

Polling for several months has indicated that Sánchez's 8-year spell in office may be coming to an end.

But Spanish politics were upended last month by the eviction of an 87-year-old woman in Madrid, which set off huge street protests in the capital and other cities.

The televised eviction gave Sánchez an opportunity, analysts say, to make the election about this one social issue that impacts the household budgets and quality of life of millions.

But that could also backfire, since many of the measures the left wants to implement to stop evictions and curb real estate speculation could scare homeowners, former conservative politician and political analyst Montserrat Nebrera told The Associated Press.

“We need to remember that the base of voters, both for the conservatives but also for the Socialists, are older and what we could call ‘Boomers,’ which were able to not just buy a home for themselves but also in many cases buy a second home that they now rent to supplement their pensions or leave to their children,” Nebrera said. “I don’t know how favorably they would see the measures the Socialists want to enact.”

When the housing issue erupted, Sánchez’s government had been struggling to account for why it had been caught off-guard when tens of thousands of Moroccans streamed across the border into Spain’s tiny North African territory of Ceuta in July.

The leading opposition Popular Party, Spain’s conservatives, and the far-right Vox pounced on the influx of migrants, calling it an “invasion.”

Alejandro Quiroga, professor of political science at Madrid’s Complutense University, said that he expects the Popular Party and Vox to campaign on immigration as well as their characterization of Sánchez as a power-hungry leader supported, his opponents alleged, by a corrupt inner circle and party machine. Sánchez has called these attacks mudslinging.

“I think that right now they are going to try to ride the polls and concentrate on demonizing the figure of Sánchez,” Quiroga said.

Sánchez’s wife, brother and a former prime minister from his party are all facing different legal cases. They deny wrongdoing, but the cases are no doubt a political liability for Sánchez.

In 2023, Sánchez managed to beat the polling forecasts by rallying his voters on fears of what might happen under a government that includes Vox, which rails against migration and feminism and denies climate change.

But Quiroga believes that this time voters have normalized to a certain degree the presence of Vox, which has entered into coalition governments with the Popular Party in some regions of Spain.

“It’s crying wolf now for voters,” Quiroga said.

Sánchez is no stranger to gambits aimed at either saving his hide or strengthening his position.

“We have seen so many times how Pedro Sánchez is declared to be practically dead, to be politically finished, only for him to resurge like a phoenix from the ashes,” Nebrera said.

For starters, in 2016 his young career looked to be over after being ousted as the Socialists’ general secretary over strategy disputes when in opposition, but he toured Spain to drum up support from rank-and-file members and won back his leadership role.

Two years later Sánchez became an unlikely prime minister when he became the first politician to successfully pull off a no-confidence motion to replace the sitting prime minister, a conservative.

Sánchez detailed that resurrection and his rise to prime minister in his 2019 memoir “A Manual of Resistance.”

To stay in power, the 54-year-old Sánchez has had to cobble together minority governments, survive no-confidence votes and do the unpredictable.

His greatest electoral feat came in 2023 when, the day after his party was clobbered in regional and municipal elections, he caught his rivals off-guard by calling national elections. Sánchez campaigned relentlessly on the fear that the conservatives would need Vox to govern.

It worked, but even so, he could only secure another term by striking a deal with separatists in the northeastern region of Catalonia, promising an unpopular amnesty for those convicted of participating in a 2017 secession bid.

Sánchez will not only need his Socialists to do well. He will need the parties that are further to the left to also rally since a new coalition is the most probable path to remain in power.

Then there is the role that former Catalan separatist leader Carles Puigdemont could play.

He fled to Belgium after the failed secession bid but on Tuesday his path was cleared to return to Spain without fear of detention when a judge lifted his arrest warrant.

Regarded as a hero by many hardcore Catalan nationalists, Puigdemont is a reviled figure for other Spaniards, and his return is only possible due to Sánchez's policy of reconciliation with the separatists.

“You called elections thinking they would be fought on socio-economic grounds, but here comes Puigdemont and he changes the script,” Oriol Bartomeus, a professor of political science at the Autonomous University of Barcelona, told the AP.

Puigdemont spoke briefly on Tuesday from his Belgian home in Waterloo. He celebrated what he called a victory over Spanish authorities, including Sánchez. He did not reveal his plans for coming back.

AP writer Suman Naishadham contributed from Madrid.

Maricarmen, 87, waits at home for police to arrive before being evicted from the home where she lived in Madrid, Spain, Wednesday, Sept. 23, 2026. (Fernando Sánchez/Europa Press via AP)

A demonstrator walks past burning trash cans set ablaze by protesters during clashes with police following a demonstration over Spain's housing crisis, hours after Prime Minister Pedro Sánchez announced an early general election, in Barcelona, Spain, Monday, Oct. 5, 2026. (AP Photo/Emilio Morenatti)

Tens of thousands march protesting the housing situation in Spain, just hours after Prime Minister Pedro Sánchez announced an early general election, in Barcelona, Spain, Monday, Oct. 5, 2026. (AP Photo/Emilio Morenatti)

People at a bar in La Cabrera, on the outskirts of Madrid, Spain, watch a televised speech by Spanish Prime Minister Pedro Sanchez from La Moncloa Palace announcing national elections, Monday, Oct. 5, 2026. (AP Photo/Bernat Armangue)

Spain's Prime Minister Pedro Sanchez speaks during a press conference at the Moncloa Palace in Madrid, Tuesday, Oct. 6, 2026. (AP Photo/Bernat Armangue)

CHICAGO (AP) — It’s official: Skydance-owned Paramount closed its $81 billion takeover of Warner Bros. Discovery on Tuesday, ushering in a new Hollywood giant.

The merger brings two of America’s oldest moviemaking studios together under a new name: Skydance. The deal, which followed a tumultuous, roughly yearlong fight, further concentrates power in an industry already run by just a handful of major players.

HBO Max, titles ranging from “Harry Potter” to “Sinners” and networks such as CNN now find themselves under the same roof as Paramount+, CBS and the likes of “Top Gun” and “The Godfather.” All are under the helm of billionaire David Ellison and his new co-CEO Ynon Kreiz.

“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement. “We couldn’t be more excited to get to work.”

Including billions of dollars in debt, the Warner acquisition amounts to nearly $111 billion.

Ellison’s Skydance bought Paramount for $8 billion last year before setting its sights on Warner. What followed was one of the biggest tie-ups ever in the media and entertainment industry.

The early days of Paramount's quest for Warner turned into a messy bidding war.

Months after disclosing it was open to selling all or part of its business, Warner initially struck a studio and streaming deal with Netflix in December.

But Paramount said it also had made offers that Warner management “never engaged meaningfully” with. It soon launched a hostile counterbid.

The Hollywood giants spent much of early 2026 in a heated back-and-forth over who had a stronger offer, with Warner leadership repeatedly backing Netflix as its preferred suitor. But Netflix bowed out after Paramount eventually upped its offer to buy all of Warner for $31 per share.

Warner and Paramount inked a mutual merger agreement in late February.

Hollywood was closely watching the fight over Warner's future. From awards shows to online petitions, A-list celebrities and other creatives made their voices known.

In April, thousands of movie stars, writers, directors and other professionals announced their “unequivocal opposition” to the Paramount-Warner merger. An open letter — which was signed by long-outspoken critics of the deal like Jane Fonda and Mark Ruffalo, as well as Hollywood heavyweights from Denis Villeneuve to J.J. Abrams — warned of fewer jobs and “less choice for audiences in the United States and around the world.”

Others lined up to back Paramount as Ellison reiterated his commitments to the movies. At CinemaCon, the company debuted a glossy mini movie about the studio directed by Jon M. Chu and narrated by Tom Cruise — who ended the spot atop the iconic Paramount water tower, with the words “the future is paramount and the future looks pretty great from here.” Director James Cameron also doubled down on his support of Ellison.

The prospect of a new Warner owner also loomed over awards season, from #BlockTheMerger pins to more subtle nods in acceptance speeches. When accepting her Emmy last month, “Remarkably Bright Creatures” actor Sally Field — who also signed the open letter in opposition to the Paramount-Warner deal — stressed that “unique storytelling matters” and “we can’t let those voices be silenced, or compromised or merged.”

Many industry critics were also outspoken when Netflix's studio and streaming deal was on the table, with a particular focus on the future of movies staying in theaters.

President Donald Trump has regularly attacked reporting he deems unfavorable at CNN (most recently attempting to bar the outlet from the White House altogether). Over the course of the Warner buyout, his administration chimed in about hopes for a new owner.

Days after Paramount launched its hostile bid for Warner last year, Trump said that CNN spread “poison and lies,” adding that “I think the people who have run CNN for the last long period of time are a disgrace” and “it’s imperative that CNN be sold.”

The White House took aim again at CNN in March, over the network's coverage of the U.S.-Israeli war against Iran. Secretary of Defense Pete Hegseth told reporters that “the sooner David Ellison takes over that network, the better.”

Ellison has said editorial independence will be maintained at CNN. Skydance is retaining Mark Thompson as CNN’s editor-in-chief.

Under a settlement finalized last month with states that had sued over the takeover, the company agreed to form a “News Editorial Independence Board.”

Critics point to turmoil already seen at CBS under Skydance ownership and aren’t convinced this new body will move the needle much, because Ellison is set to have ample oversight over appointments.

Trump has continued to criticize CBS coverage under Skydance ownership. Still, the president has held a long relationship with the Ellison family.

Paramount's chief reportedly hosted a dinner in Washington in Trump’s honor in April, on the same day Warner shareholders gave their green light for the merger. In June, just two days after the Justice Department said it wouldn't intervene in the deal, Ellison attended an Ultimate Fighting Championship match on the White House lawn for Trump’s 80th birthday (streamed by Paramount+).

To help fund its Warner buyout, Paramount racked up billions of dollars in financial backing from three Gulf countries: Saudi Arabia, Qatar and the United Arab Emirates. The Federal Communications Commission approved the company’s request for sizable indirect ownership from those foreign investors.

Paramount previously disclosed it expected those funds to indirectly own nearly 50% of equity interests — but no voting rights — of Skydance. But the company asked for clearance of up to 100% to account for potential future investments, which the FCC granted, citing in part that access to more capital would strengthen the broadcast industry and was therefore “in the public interest.”

The FCC’s sole Democratic commissioner, Anna Gomez, and other critics have called the move alarming and unprecedented. They argue that amount of money opens the door to behind-the-scenes influence.

Paramount cleared antitrust hurdles for its Warner acquisition from the Justice Department and regulators worldwide over the summer.

But in July, Democratic attorneys general from 12 states — led by California's Rob Bonta — sued to block the merger, alleging the combined company would “extinguish competition” and lead to fewer choices for consumers, particularly movie theatergoers and cable customers across the U.S.

The Writers Guild of America followed suit.

Settlements emerged in September. The states' terms, eventually approved by a judge, include pledges from the company to increase film production in the U.S. over the next five years, commit millions of dollars to a fund aimed at supporting workers displaced by the merger and again establish new editorial monitoring of CNN and CBS.

Critics said the remedies were too weak, but the settlements cleared the way for the deal to close.

FILE - The Warner Bros. water tower is seen at Warner Bros. Studios in Burbank, Calif., on Dec. 5, 2025. (AP Photo/Jae C. Hong, File)