According to a Wednesday report by Bloomberg, Comcast (CMCSA) had valued its media and theme park assets at $81B when the cable giant made its offer to buy Warner Bros. Discovery (WBD). The report, citing a Warner Bros. filing, said the document talks ...

Group 1 - Warner Bros. Discovery has received multiple bids for its business, including offers from Netflix, Paramount, and an unnamed fourth bidder [1][2] - The unnamed bidder, referred to as "Company A," proposed to acquire only Warner Bros. Discovery's film and streaming assets, which aligns with a bid from Comcast [1] - "Company C" has made a bid for Warner Bros. Discovery's Global Networks business, which includes CNN, TNT, and TBS, along with 20% of its film and streaming assets [2] Group 2 - Warner Bros. Discovery has deemed the proposal from "Company C" as "not actionable" and plans to proceed with preliminary offers from Netflix, Paramount, and "Company A" by late November [2] - CEO David Zaslav indicated that Amazon and Apple have shown interest in acquiring Warner Bros. Discovery, although they do not fit the "American media company" description [3] - Other companies have previously submitted bids for Paramount, including a joint bid of approximately $26 billion from Apollo Global Management and Sony, and a $30 billion bid from Allen Media Group [3]

Key Takeaways The biggest entertainment deal in history promises more drama. The latest: Warner Bros. Discovery (WBD) on Wednesday published a letter criticizing Paramount Skydance's (PSKY) offer to acquire the company, saying its all-cash bid—which followed an agreement by Warner Bros. to merge with Netflix (NFLX)—came with "an untenable degree of risk" and urging shareholders to reject Paramount's "illusory" all-cash deal. The response from Warner to Paramount's hostile takeover offer last week was to be ...

Bring in show music, please. >> This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, will they won't they? >> This could take a while. >> Warner Brothers Discovery tells shareholders that Netflix's deal is better than Paramount's hostile bid. It's drama fit for a prestige streaming series. Netflix co-CEO Greg Peters sat down with CNBC's David Faber only on Squawkbox. He says they are the ones to win. >> Our deal structure is clean. It's certain. We're a scaled company with, you know, ...

Well, I would say I don't want to speculate on what's going to happen from here. Um, we are pretty happy that we've presented uh a pretty strong deal and I think the Warner Brothers Discovery Board sent a pretty clear message that they believe that this is the best value. It's the most certain path forward.Our deal structure is clean. It's certain. We're a scaled company with, you know, over 400 billion market cap.We've got strong investment grade balance sheet. This deal offers flexibility for Warner Broth ...

Group 1 - Warner Bros. Discovery's board unanimously rejected a $108.4 billion hostile takeover bid from Paramount Skydance due to lack of financing assurances, reinforcing Netflix's $72 billion buyout offer as the stronger option [1] - Warner Bros. Discovery's stock is currently down 0.4% to $28.79, marking its third consecutive daily loss, but still shows a 169% year-to-date increase from a three-year high of $30 [2] - The Schaeffer's Volatility Index (SVI) for Warner Bros. Discovery is at 27%, indicating higher volatility compared to 94% of readings from the past year [2] Group 2 - A total of 78,000 puts have been exchanged for Warner Bros. Discovery, which is double the average intraday amount, with the January 2026 26-strike put being the most active contract [3] - Paramount Skydance's stock is down 4.8% to $13.18, continuing a trend of lower highs since its two-year high of $20.86 on September 23 [3] - Netflix's stock is up 1.2% to $13.18, with a year-to-date increase of 7.3% [3]

Core Viewpoint - Warner Bros. believes that Netflix's $72 billion buyout offer is superior and urges shareholders to reject the hostile takeover bid from Paramount Skydance [1] Group 1: Offers and Valuations - Paramount's offer is $30 per Warner share, valuing the company at approximately $77.9 billion, compared to Netflix's offer of $27.75 per share [1][5] - Paramount claims its offer is worth about $79.9 billion, which is $18 billion more in cash than Netflix's bid [6] - Netflix's offer includes a combination of cash and stock, valuing Warner at $72 billion, excluding debt, but does not include Warner-owned networks like CNN and Discovery [7] Group 2: Industry Impact - A merger involving Warner Bros. would significantly alter the Hollywood landscape and is expected to face intense scrutiny from U.S. regulators [2] - The competing offers highlight the potential for combining major entertainment properties, with Netflix owning popular titles like "Stranger Things" and "Squid Game," while Paramount owns CBS and MTV [3] - The outcome of these bids will influence the dynamics of the streaming wars and the broader entertainment industry [4]

Group 1: Warner Bros Discovery and Paramount Skydance Bid - Warner Brothers Discovery (WBD) advised shareholders to reject the Paramount Skydance (PSKY) offer and favor the bid from Netflix (NFLX) [2] - Netflix's bid includes a spin-off of the Discovery Channel, which has an unnamed interested party, while PSKY's bid includes the cable channel in its acquisition [3] - PSKY's CEO David Ellison did not provide guaranteed funding for the deal, raising concerns about the financial backing of the bid [3][4] Group 2: Federal Reserve Chair Interviews - The White House is actively interviewing candidates to replace Fed Chair Jerome Powell, with former Fed Governor Kevin Warsh gaining traction as a candidate [5][6] - Warsh was known for dissenting on Fed policy during his tenure and has expressed a desire for the Fed to take a less active role in managing the economy [7] Group 3: Earnings Reports - General Mills (GIS) reported fiscal Q2 earnings of $1.10 per share, exceeding the Zacks consensus estimate of $1.02, with revenues of $4.86 billion, surpassing projections by 1.89% [9] - ABM Industries (ABM) reported fiscal Q4 earnings of $0.88 per share, missing the expected $1.10, but revenues of $2.18 billion exceeded expectations by 1.19% [10] - Micron (MU) is set to report fiscal Q1 earnings, with expectations of a 118% year-over-year growth in earnings and a 46% increase in revenues [11]

Core Viewpoint - Affinity Partners, led by Jared Kushner, is withdrawing support for Paramount Skydance's hostile takeover bid for Warner Bros. Discovery (WBD), which has been advised by its board to reject the $78 billion offer from the Ellison family in favor of a competing bid from Netflix [1][5][7]. Group 1: Affinity Partners and Paramount's Bid - Affinity Partners decided to pull out of the Paramount bid due to scrutiny surrounding Kushner's involvement, despite contributing $200 million to the offer [2][4]. - The firm stated that it believes there is a strong strategic rationale for Paramount's offer, even as it steps back from the partnership [4]. Group 2: Warner Bros. Discovery's Position - WBD's board unanimously recommended that shareholders reject Paramount's offer, citing its inadequacy and associated risks [5][13]. - The board's stance likely facilitates Netflix's acquisition of WBD's key assets, with Netflix's offer valuing WBD at $82.7 billion, or $27.75 per share, compared to Paramount's $30 per share all-cash bid [7][11]. Group 3: Competitive Landscape and Financing Concerns - WBD CEO David Zaslav has expressed a preference for the Netflix bid, highlighting concerns over Paramount's financing structure, which is linked to a revocable trust associated with Larry Ellison's wealth [11][19]. - Paramount claims its bid offers quicker value for shareholders, while Netflix's deal is perceived to face regulatory hurdles and complex financing [16][19].

Core Insights - Wall Street banks are positioned to benefit significantly from Warner Bros. Discovery's (WBD) potential sale to either Netflix or Paramount Skydance, with a total of $225 million in fees expected to be paid to advisors if a deal is finalized [1][2]. Group 1: Deal Dynamics - WBD is currently evaluating competing offers from Netflix, which aims to acquire its studio and streaming business, and Paramount, which has made a bid for the entire company, including cable TV channels [2]. - WBD's board has expressed continued support for Netflix's offer following a hostile bid from Paramount [2]. - The advisory firms involved in the bidding process have played a crucial role in board meetings, negotiations, and evaluations of the offers [2][7]. Group 2: Advisory Fees - The fee structure for the advisory firms includes significant contingent payments, with Allen & Co. and J.P. Morgan each set to receive $85 million, of which $45 million and $50 million, respectively, are contingent on a successful deal [11]. - Evercore is expected to receive $55 million, also contingent on the deal's completion [11]. Group 3: Market Context - The investment banking sector has seen a surge in activity, particularly in media and telecom mergers and acquisitions (M&A), with a reported 61% increase in deal value from the second half of 2024 to the second half of 2025, excluding the WBD sale [9]. - PwC anticipates that robust M&A activity will persist in the coming years as investors seek value in content libraries, video games, and sports assets [10].