Core Viewpoint - President Trump has decided not to intervene in the $82.7 billion merger between Netflix Inc. and Warner Bros. Discovery Inc., allowing the Justice Department to handle the review process [1][2]. Group 1: Merger Details - The merger aims to combine Netflix, the leading streaming service, with Warner Bros. and HBO, creating a significant player in the entertainment industry [2]. - Analysts estimate that a combined Netflix-Warner entity could control over 30% of the U.S. streaming market, raising concerns about potential monopolistic practices [4]. Group 2: Regulatory and Market Context - The merger is currently under a complex antitrust review by the DOJ's Antitrust Division, which could impact its approval [4]. - If the merger fails, Netflix faces a breakup fee of $5.8 billion, while Warner Bros. Discovery would incur a cost of $2.8 billion if it pivots to Paramount [4]. Group 3: Market Performance - As of the year-to-date, Netflix has underperformed with a decline of 11.90%, while Warner Bros. Discovery and PSKY have also seen declines of 5.19% and 18.44%, respectively [5]. - The Nasdaq 100 index has decreased by 1.25% during the same period, indicating that all three companies involved in the merger are underperforming relative to the benchmark [5].

Group 1: AMD's Sales Forecast and Market Reaction - AMD shares fell significantly, down 15%, marking its largest drop since October 2018, following a disappointing sales forecast of approximately $9.8 billion, which was below investor expectations of $10 billion [3][4][27]. - The company's revenue from China impacted margins negatively, and while revenues were recognized, the overall performance did not meet the high expectations set by the market [5][6]. - The anticipated growth in CPU and GPU segments is not expected until the second half of the year, leading to a cautious outlook among investors [7][8]. Group 2: Broader Market Trends and Software Sector Concerns - The technology sector is experiencing a selloff, with fears of disruption following the introduction of a new AI automation tool by Anthropic, leading to a significant decline in the Goldman Sachs Software Index, which has lost around $2 trillion since its peak [11][57]. - Concerns about the impact of AI on software companies are prevalent, with many investors reassessing valuations and business models in light of rapid advancements in AI technology [57][59]. - Major companies like NVIDIA and Google are also feeling the pressure, with NVIDIA's stock down and Google facing scrutiny ahead of its earnings report [12][16]. Group 3: NVIDIA's Investment in OpenAI - NVIDIA is reportedly close to finalizing a $20 billion investment in OpenAI, which would be part of a larger commitment potentially reaching $100 billion [46][48]. - This investment is seen as a strategic move to strengthen NVIDIA's position in the AI market, although details regarding the overall agreement are still being finalized [49][50]. - The relationship between NVIDIA and OpenAI is crucial for NVIDIA's long-term strategy, particularly in terms of chip usage for AI model training [69]. Group 4: Uber's Financial Outlook and New Initiatives - Uber's stock fluctuated, down 3% in premarket trading, as the company provided a weak profit outlook and announced a new CFO focused on future markets, including robotaxi initiatives [20][21][25]. - The adjusted EPS forecast for the first quarter was lower than expected, attributed to new product initiatives that have not yet yielded anticipated returns [22][23]. - Despite these challenges, underlying demand in the U.S. remains strong, and Uber expects growth to accelerate as previous risks, such as high insurance costs, are expected to abate [23][24]. Group 5: Antitrust Concerns in Streaming Industry - The Senate Committee is holding hearings on the future of self-driving cars, with significant attention on the merger between Netflix and Warner Brothers, which raises antitrust concerns [26][29]. - The merger is argued to create value for consumers and enhance opportunities for the creative community, although competitive concerns remain [31][32]. - The regulatory landscape is complex, with different standards applied in the U.S. and the EU regarding consumer benefits and competitive effects [40][41]. Group 6: Supply Chain Innovations and Market Dynamics - A new startup, Auger, founded by former Amazon supply chain chief Dave Clark, aims to provide an operating system for supply chains, emphasizing the need for contextual data integration [71][75]. - The startup is focused on addressing the challenges of disconnected data in supply chains, which is critical for operational efficiency [76][84]. - Auger's approach is seen as timely, given the current market dynamics and the increasing importance of supply chain management across various industries [80][82].

Might those shareholders be more thrilled if you get a sweetened offer from Paramount. Skydance's If they pony up $34, would that that complicate things. If we receive a revised proposal from Paramount, we will do what we have done for months, which is we will consider it on its terms, on the merits, not based on what they say they will do or may do in the media, but what they actually are willing to commit to in a legal document.Value and certainty are our separate but entirely related. It's excellent to s ...

Might those shareholders be more thrilled if you get a sweetened offer from Paramount. Skydance's If they pony up $34, would that that complicate things. If we receive a revised proposal from Paramount, we will do what we have done for months, which is we will consider it on its terms, on the merits, not based on what they say they will do or may do in the media, but what they actually are willing to commit to in a legal document.Value and certainty are our separate but entirely related. It's excellent to s ...

>> LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK CITY, WE ARE TRACKING THE KEY PLAYERS, MAJOR MOVES AND THE CAPITAL FLOWS SHAPING MARKETS. THIS IS "BLOOMBERG DEALS." >> WELCOME TO THE FIRST EVER EPISODE OF "BLOOMBERG DEALS." THE ONLY SHOW DEDICATED TO CORPORATE ACTION RESHAPING MARKETS. LET'S GET THE BIG DEALS THIS WEEK.ELON MUSK IS COMBINING SPACEX AND X AI IN A DEAL THAT COMBINES AT $1.25% TRILLION. TEXAS INSTRUMENTS REACHES A DEAL TO BUY FOR $7.5% BILLION. WE WILL SPEAK WITH THE BROOKFIELD CEO BRU ...

Paramount Skydance CEO David Ellison turned down an invitation to testify before the Senate at an antitrust hearing about the proposed tie-up between Netflix and Warner Bros. https://t.co/FF25hWTgUt ...

Financial Data and Key Metrics Changes - The company reported earnings available for distribution of $2.35 per diluted share, representing a 12% year-over-year growth [13] - GAAP net income for the year was $567 million, with a return on equity of 8% [14] - Book value at the end of the year was reported at $7 billion, equating to $12.60 per common share, an increase from the previous year [15][16] Business Line Data and Key Metrics Changes - The Genesis business produced just under $5 billion in loans, with earnings up 250% since its acquisition in 2022 [8] - Newrez, the mortgage company, saw year-over-year earnings growth of 13% [8] - Sculptor's AUM grew from $34 billion to $38 billion, with gross inflows of $5.8 billion in 2025 [17][26] Market Data and Key Metrics Changes - The company manages over $100 billion in investable assets, with $63 billion in Rithm Asset Management AUM and $53 billion in balance sheet business [11] - The 10-year Treasury yield increased to approximately 4.30%, while mortgage rates have slightly decreased [16] - San Francisco recorded approximately 9 million sq ft of leasing activity, the strongest annual total since 2019, indicating a recovery in the market [37][39] Company Strategy and Development Direction - The company aims to grow prudently by creating alpha and results for clients, focusing on performance-driven asset management [6][11] - The acquisition of Paramount is seen as a transformational move into the commercial real estate space, with a focus on Class A office buildings [30][32] - Investments in technology and marketing are prioritized to enhance customer experience and operational efficiency [9][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the San Francisco market, particularly driven by AI companies and a return to office momentum [35][39] - The company anticipates a continued steepening of the yield curve, which could benefit its operations [22] - Management remains cautious about competition in the mortgage space, emphasizing a disciplined approach to origination and market share [60][65] Other Important Information - The company has made significant investments in technology, including partnerships with Valon and HomeVision to enhance its servicing and underwriting capabilities [46][47] - The company has a strong focus on maintaining high-quality tenant relationships and enhancing amenities in its real estate portfolio [39] Q&A Session Summary Question: Can you detail the funded volumes, particularly the refi percentage? - The increase in refi volume was driven by market conditions, including a rally in late summer and tighter spreads, leading to expectations of continued growth in the first quarter [58][59] Question: What is the company's view on competition in the mortgage space? - The company acknowledges the competitive nature of the mortgage business but emphasizes its focus on maintaining margins and not engaging in irrational pricing wars [63][65] Question: How did the gain on sale margin improve in the retail channel? - The improvement was attributed to a favorable mix and timing of completions, alongside a focus on maintaining margins in the consumer direct channel [70]

Financial Data and Key Metrics Changes - The company reported earnings available for distribution of $2.35 per diluted share for 2025, representing a 12% year-over-year growth [13] - GAAP net income for Q4 was $53 million, or $0.09 per diluted share, with a 3% return on equity [14] - For the full year, GAAP net income was $567 million, with a return on equity of 8% [14] - Book value at the end of 2025 was reported at $7 billion, or $12.60 per common share, an increase from the previous year [15] Business Line Data and Key Metrics Changes - The Genesis business produced just under $5 billion in loans, with earnings up 250% since its acquisition in 2022 [8] - Newrez, the mortgage company, saw year-over-year earnings growth of 13% [8] - Sculptor's AUM grew from $34 billion to $38 billion in 2025, with gross inflows of $5.8 billion [17][26] Market Data and Key Metrics Changes - The 10-year treasury yield increased to approximately 4.30%, while mortgage rates have slightly decreased [16] - In San Francisco, leasing activity increased by 330% year-over-year, with the market showing signs of recovery [37] - The New York core portfolio's leased occupancy was 92.8%, up 780 basis points year-over-year [34] Company Strategy and Development Direction - The company aims to grow prudently by creating alpha and results for clients, focusing on performance-driven asset management [6] - The acquisition of Paramount is seen as a transformational move into the commercial real estate space, with a focus on Class A office buildings [30][32] - Investments in technology and marketing are prioritized to enhance customer experience and brand [9] Management's Comments on Operating Environment and Future Outlook - Management noted significant geopolitical risks but expressed optimism about the mortgage market's recovery and the potential for increased origination gains [21][22] - The company expects a 10% increase in production for 2026, aligning with market estimates [59] - Management emphasized the importance of maintaining pricing discipline and not chasing market share in a competitive environment [60][65] Other Important Information - The company has made significant investments in technology partnerships, including with Valon Technologies and HomeVision, to enhance operational efficiency [46][47] - The firm has a strong focus on maintaining relationships with tenants and brokers to secure renewals and fill vacancies in its real estate portfolio [39] Q&A Session Summary Question: Can you detail the funded volumes, particularly the refi percentage? - The increase in refi volume was driven by market conditions, with a notable rally in late summer and September leading to higher production [58] Question: What are the expectations for overall volumes in Q1? - The forecast for 2026 is expected to be up around 10%, with continued improvements in service and tools for homeowners [59] Question: Can you discuss competition in the mortgage space? - The mortgage business remains competitive, with some players being aggressive, but the company focuses on maintaining margins and not engaging in irrational pricing [63][65] Question: How did the retail channel perform in terms of gain on sale margin? - The improvement in margins was influenced by a mix shift and timing of MSR recapture, with a focus on maintaining overall margins [70] Question: How did wholesale volumes perform despite competition? - The company maintained a disciplined approach to margins while focusing on non-agency production, which has been a key growth area [72]

Financial Data and Key Metrics Changes - The company reported earnings available for distribution of $2.35 per diluted share for 2025, representing a 12% year-over-year growth [12] - GAAP net income for Q4 was $53 million, or $0.09 per diluted share, with a 3% return on equity [13] - For the full year, GAAP net income was $567 million, with a return on equity of 8% [13] - Book value at the end of 2025 was reported at $7 billion, or $12.60 per common share, an increase from the previous year [14] Business Line Data and Key Metrics Changes - The Genesis business produced just under $5 billion in loans, with earnings up 250% since its acquisition in 2022 [6] - Newrez, the mortgage company, saw year-over-year earnings growth of 13% [6] - Sculptor's AUM grew from $34 billion to $38 billion in 2025, with gross inflows of $5.8 billion [15][24] Market Data and Key Metrics Changes - The 10-year treasury yield increased to approximately 4.30%, while mortgage rates have slightly decreased [14] - In San Francisco, leasing activity increased by 330% year-over-year, reflecting a recovery in the market [36] - The New York core portfolio's leased occupancy was 92.8%, up 780 basis points year-over-year [34] Company Strategy and Development Direction - The company aims to grow prudently by creating alpha and results for clients, focusing on performance-driven asset management [5] - The acquisition of Paramount is seen as a strategic move to capitalize on dislocated office assets, with a focus on Class A office buildings in major cities [29] - The company plans to enhance its technology stack and marketing efforts to improve customer experience and brand [7] Management's Comments on Operating Environment and Future Outlook - Management noted significant geopolitical risks but expressed optimism about the mortgage market, anticipating increased production due to tighter mortgage basis [20] - The company expects a 10% increase in overall volumes for 2026, driven by improved service and tools for homeowners [59] - Management highlighted the importance of maintaining discipline in pricing and origination strategies amidst competitive pressures [62] Other Important Information - The company has made significant investments in technology partnerships, including with Valon Technologies and HomeVision, to enhance operational efficiency [45] - The firm ended the year with $1.7 billion in cash and liquidity after funding various business operations [15] Q&A Session Summary Question: Can you detail the funded volumes, particularly the refi percentage? - Management indicated that the increase in refi volume was a reflection of market conditions, particularly a rally in late summer and September, leading to higher production in January [58] Question: What are the expectations for production in 2026? - The company forecasts a 10% increase in production for 2026, aligning with market estimates, and aims to improve market share through enhanced service [59] Question: How does the company view competition in the mortgage space? - Management acknowledged the competitive nature of the mortgage business but emphasized their focus on maintaining margins and not engaging in irrational pricing wars [62]

Warner Brothers. Guys, we got a new amended proxy. Why am I mentioning that.It was filed this morning around 8:30. Because the timeline is moving quickly here on Warner Brothers Discovery and that shareholder vote that is the center of course of what are still Paramount's hopes to get current Warner Brothers Discovery uh shareholders to vote down the Netflix deal. By the way, you're not voting on a Paramount deal. You're just simply going to be voting on a Netflix deal up or down.that vote is coming closer ...