Core Viewpoint - Paramount Skydance, backed by David and Larry Ellison, is positioning itself to potentially disrupt Warner Bros. Discovery's (WBD) merger with Netflix, following Netflix's $72 billion bid for WBD's assets [1][2]. Bid Dynamics - WBD CEO David Zaslav anticipates that the Ellisons may increase their bid to cover the $2.8 billion breakup fee WBD would incur if it withdraws from the Netflix deal [2][17]. - The Ellisons have made a $30 per share all-cash offer, which they argue is superior to Netflix's cash-and-stock offer of $30.75 per share, citing drawbacks for WBD shareholders in the latter [4][6]. Market Position and Strategy - The Ellisons' bid of $30 per share totals approximately $78 billion, which they believe is more attractive than Netflix's offer, especially considering Netflix's reliance on stock and uncertain valuations of WBD's cable properties [6][7]. - The Ellisons are also emphasizing "regulatory certainty," suggesting that their bid may face less scrutiny compared to Netflix's, which could be viewed as creating a monopolistic entity in the streaming market [11][12]. Regulatory Considerations - The potential merger between Netflix and WBD could create a streaming powerhouse controlling about 30% of the market, raising antitrust concerns among regulators [12][14]. - Zaslav believes that the Netflix deal will eventually receive regulatory approval, despite concerns raised by the Trump administration regarding Netflix's market power [13][15]. Financial Implications - Netflix has agreed to a $5.8 billion breakup fee if it withdraws from the deal, which is significantly higher than WBD's potential fee [15]. - The decline in Netflix's share price could affect the financial structure of its offer, potentially requiring it to allocate more funds to meet the agreed terms [16].

Paramount Skydance's hostile bid coming after Netflix announced last week that it would acquire Warner Brothers Discovery for $72 billion, a move that attracted scrutiny from President Trump as well over the weekend. Joining us now is SPG Global Principal and former Hulu and Netflix executive Simon Gallagher. Do you agree with Ellison.>> No, I don't. I think uh he is looking at it on a streaming service versus streaming service basis. You need to look at it on an all media basis.So if you're going to evalua ...

When asked if Netflix should be allowed to buy Warner Bros., Trump said: “They have a very big market share, and when they have Warner Bros…that share goes up a lot.”“That’s gonna be for some economists to tell, and I’ll be involved in that decision,” Trump added, indicating the deal will face close antitrust scrutiny.Read more: https://t.co/UIO80BasYG📸: Pete Marovich via Getty Images ...

Paramount's $30 all-cash offer provides greater value and certainty to WBD shareholders December 8, 2025 Disclaimer This presentation is provided for informational purposes only and for no other purpose. Certain information contained herein has been obtained from published sources prepared by third parties that Paramount Skydance Corporation ("Paramount") believes to be reliable. Moreover, certain information in this presentation is based on assumptions, estimates and other factors that were available to Pa ...

Core Viewpoint - Paramount Skydance has launched a hostile bid to acquire Warner Bros. Discovery (WBD) with an all-cash offer of $30 per share, which WBD previously rejected, amid concerns regarding Netflix's $72 billion acquisition of WBD's studio and streaming business [1][5][12]. Group 1: Acquisition Details - Paramount's offer is supported by equity from the Ellison family and RedBird Capital, along with debt financing from Bank of America, Citi, and Apollo [2]. - The Netflix deal, valued at $82.7 billion including debt, aims to create a significant entity in Hollywood, combining over 400 million streaming subscribers from Netflix and HBO Max [5]. - Paramount argues that its bid offers superior value and a quicker path to completion for WBD shareholders [4]. Group 2: Regulatory Concerns - President Trump has indicated that the Netflix-WBD deal could face antitrust scrutiny, stating he will be involved in the approval process [6][7]. - The Netflix acquisition does not require FCC approval as it excludes broadcast stations, but it is likely to face intense scrutiny from the US Department of Justice and other global regulators [8]. - Senior White House officials have already discussed antitrust concerns regarding the potential merger between WBD and Netflix [14]. Group 3: Market Reactions and Implications - Senator Elizabeth Warren has labeled the Netflix-WBD deal an "anti-monopoly nightmare," reflecting broader concerns in the industry [15]. - Netflix has committed to continuing theatrical releases for WBD films, marking a significant shift for the streaming service [17]. - The acquisition follows a recent $8.4 billion merger between Skydance Media and Paramount Global, which faced its own antitrust and political challenges [18].

Group 1: Market Overview - Markets are starting the week quietly, with stocks, gold, silver, and the dollar largely unchanged [1] - Crude oil prices have decreased slightly, along with bond prices [1] Group 2: Corporate Transactions - Netflix Inc. is facing potential antitrust concerns regarding its $72 billion acquisition of Warner Bros. Discovery Inc., as President Trump commented on the possible market power of the combined firm in the entertainment industry [2] - Antero Resources Corp. announced the acquisition of gas production assets from HG Energy II for $2.8 billion in cash, enhancing its access to wells in Ohio, Pennsylvania, and West Virginia [4] - International Business Machines Corp. is acquiring Confluent Inc. for $11 billion to enhance its services and AI offerings [5] Group 3: Economic Indicators - China's trade surplus exceeded $1 trillion in November, with a 5.9% year-over-year increase in exports, despite a 29% drop in shipments to the US [5] - The trade surplus for the first 11 months of the year reached $1.08 trillion, surpassing the previous full-year record of $992 billion set in 2024 [5]

Core Viewpoint - Paramount Skydance is making a hostile bid to acquire Warner Bros. Discovery after losing a bidding war to Netflix for legacy assets [1][4]. Group 1: Bid Details - Paramount is offering an all-cash bid of $30 per share to WBD shareholders, which was previously rejected by WBD [2]. - The bid is supported by equity financing from the Ellison family and RedBird Capital, along with $54 billion in debt commitments from Bank of America, Citi, and Apollo Global Management [2]. Group 2: Market Reactions - Shares of Paramount increased by approximately 3% in premarket trading, while shares of Warner Bros. Discovery rose about 5% [3]. Group 3: Competitive Landscape - Netflix announced a deal to acquire WBD's studio and streaming assets for $72 billion, which has raised antitrust concerns due to the potential combination of two dominant streaming platforms [4][6]. - Comcast has also shown interest in bidding for WBD's streaming and studio businesses [4]. Group 4: Regulatory Considerations - Paramount executives believe their deal will face a shorter regulatory approval process due to the company's smaller size and favorable relationship with the Trump administration [5].

Group 1: Market Overview - The three major indexes have experienced back-to-back winning weeks, with the S&P 500 nearing its record highs set earlier this year [1] - The delayed release of September's personal consumption expenditures price index showed core PCE was lighter than expected, boosting stocks as traders anticipate a Federal Reserve interest rate cut [5] - The S&P 500 is approximately 0.7% away from its intraday record and about a quarter-percent off its closing high [5] Group 2: Corporate Changes - Todd Combs, investment officer and CEO of Geico, will leave Berkshire Hathaway to join JPMorgan Chase as head of its new Security and Resiliency Initiative [2] - Nancy Pierce will replace Combs as CEO of Geico, while Berkshire's CFO Marc Hamburg is set to retire in June 2027, with Charles Chang taking over [3] Group 3: Regulatory Developments - The Netflix-Warner Bros. deal faces skepticism from the Trump administration, with calls for an antitrust review from Senator Elizabeth Warren [4] - Alphabet's Google has received details on the consequences of its search antitrust case, including restrictions on agreements similar to its deal with Apple [7] - U.S. District Judge Amit Mehta ruled against harsher penalties proposed by the Department of Justice, which could have included the forced sale of Google's Chrome browser [8] Group 4: Industry Insights - The global denim market has surpassed $100 billion, driven by major retailers like Levi Strauss and American Eagle [10] - The origins of blue jeans trace back to a woman's solution to her husband's ripped pants, leading to the creation of a fashion staple that transcends income class and trends [11]

>> GOOD MORNING, I'M VONNIE QUINN WITH YOUR BLOOMBERG BRIEF. MARKETS IN ANTICIPATION MODE AHEAD OF THE FED'S LAST INTEREST RATE DECISION OF THE YEAR ALONG WITH AN UPDATED ECONOMIC PROJECTIONS. PRESIDENT TRUMP RAISES MARKET SHARE CONCERNS AROUND NETFLIX'S PLANS TO ACQUISITION OF WARNER BROS. THE JUSTICE DEPARTMENT WILL REVIEW THE TRANSACTION. $1 TRILLION THAT'S CHINA'S TRADE SURPLUS IN NOVEMBER. JUST NOT TO THE U.S.. LET'S LOOK AT THE MARKETS FUTURES POINTED HIGHER. WE IN FACT GAINED 1% FOR THE NASDAQ 100. T ...

Core Viewpoint - The proposed $83 billion acquisition of Warner Bros. Discovery by Netflix raises concerns regarding market share and regulatory approval, particularly from US President Donald Trump [1][2]. Group 1: Acquisition Details - Netflix announced a $72 billion equity transaction to acquire Warner Bros. Discovery, which includes its film and television studios, HBO Max, and HBO [4]. - The total enterprise value of the transaction is approximately $82.7 billion, with a per share price of $27.75 for Warner Bros. Discovery shareholders, comprising $23.25 in cash and $4.50 in Netflix stock [5]. - Netflix has agreed to a $5.8 billion break-up fee if the deal is blocked by antitrust officials [1]. Group 2: Market Share Concerns - The merger could push Netflix's market share above the 30 percent threshold in the US, raising potential regulatory issues [3]. - President Trump highlighted that the acquisition would significantly increase Netflix's market share, which could complicate the approval process [2]. Group 3: Financial Expectations - Netflix anticipates realizing $2 billion to $3 billion in cost savings annually by the third year post-acquisition and expects the deal to be accretive to GAAP earnings per share by the second year [6]. - The acquisition is projected to close within 12-18 months, following the separation of Warner Bros.'s Global Networks division, expected to be completed in Q3 of fiscal 2026 [6]. Group 4: Market Reaction - Following the announcement, Netflix shares increased by approximately 1.01 percent to $101.25, while Warner Bros. shares decreased by 1.9 percent to $25.58 [7].