Business
Warner Bros. Bidders Brace for a Fight That Will Last Months
Robert Fishman, Moffettnathanson Senior Analyst, discusses the bidding war for Warner Bros. Discovery and how long it may take for a deal to receive regulatory approval.
Paramount Skydance Corp. and Netflix Inc. — the entertainment heavyweights locked in a bidding war for Warner Bros. Discovery Inc. — are girding for a battle they predict will stretch well into 2026.
Warner Bros. was given 10 business days to respond to Paramount’s hostile $30-a-share bid for the company on Monday. Since that offer was already rejected once, the Warner Bros. board isn’t planning to cancel the merger agreement signed last week with Netflix, according to people familiar with the company’s thinking. Doing so would require Warner Bros. to pay Netflix a $2.8 billion termination fee.
That puts the onus on Paramount to make the next move in what everyone expects to be a drawn-out affair lasting months. Paramount can follow through on its tender offer to buy Warner Bros. shares from investors at $30 each on Jan. 8. It can also extend the bid, sue to stop the Netflix deal or increase the terms.
Does the purchase price “move up another $5 or $10 billion? I think it probably does,” Kevin Mayer, the former top dealmaker at Walt Disney Co., said at the UBS media conference on Tuesday. “Going directly to shareholders with the same deal that the board rejected probably doesn’t win it.”
Shareholders of Warner Bros., one of Hollywood’s biggest film and TV companies, are hoping for a bidding war that further boosts the price of the deal. Paramount’s bid values the parent of HBO at $108.4 billion, including debt. Netflix is offering a mix of cash and stock for the Warner Bros. studios, streaming and HBO businesses.
Both companies have communicated that they have the ability to increase their offers, according to the people, who asked not to be identified discussing private deliberations.
Before taking any next steps, Paramount will have to gauge how much support it has from Warner Bros. investors. Chief Executive Officer David Ellison has been making the rounds in Washington and on Wall Street to win backing for his offer. Some investors, including Mario Gabelli, have voiced support for Paramount — at least for now.
“My gut tells me we haven’t seen the seventh round yet,” Gabelli said in an interview.
Institutional investors, hedge funds and others will be doing their analysis of the two proposals. Big investors typically make their decisions a few days before the expiration of a tender offer.
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Joe Manchin, former US Senator and Governor for West Virginia, says Democrats can overplay their hand if they make impeaching President Donald Trump a priority after taking control of Congress. Rep. Don Beyer (D-VA) says he was thrilled that a federal judge temporarily blocked President Donald Trump’s planned triumphal arch from breaking ground. Rep. Gwen Moore (D-WI) says affordability is “top of mind for all Americans” and believes health care is an obvious place for Democrats to intervene.
Chapters:
00:01:47 Bloomberg’s Jeff Mason on Trump Shakes Up White House, Stephen Miller Named Chief of Staff
00:04:19 Joe Manchin, former US Senator and Governor for West Virginia, on Trump, Democrats and the New Congress
00:08:32 Joe Manchin on Congressional Oversight and Impeachment
00:10:54 Joe Manchin on the 2028 Presidential Field
00:13:57 Power Moves: Top Financial Moves
00:17:46 Rep. Don Beyer (D-VA) on Trump’s Planned Triumphal Arch Faces Legal Challenge
00:21:02 Rep. Don Beyer (D-VA) on Hegseth Impeachment and War Powers
00:22:59 Rep. Don Beyer (D-VA) on Democrats Debate Permitting Reform
00:24:08 Bloomberg Government’s Rachel Schilke on House Republicans Face Leadership Battle After Midterm Losses
00:29:24 Rep. Gwen Moore (D-WI) on Democrats’ Agenda and Working With Trump
00:32:03 Rep. Gwen Moore (D-WI) on Pete Hegseth and Impeachment
00:33:38 Rep. Gwen Moore (D-WI) on Democrats’ Affordability and Health-Care Priorities
00:35:32 Rep. Gwen Moore (D-WI) on AI, Data Centers and Economic Risks
00:40:52 Political Panel Reacts: Stephen Miller’s Promotion, Hegseth Impeachment Push, Mississippi Senate Race and Remaining Vote Count
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As the dust settles after sweeping Democratic wins across the country, many are left to wonder — how will the power shift influence everything from the composition of the FOMC to AI development?
Employ America’s executive director Skanda Amarnath joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss whether he thinks a Democrat-led Congress will slow down data center construction.
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Anthropic filed for its long-awaited IPO, a landmark moment in an industry that is growing ever-hungrier for cash to power ahead. Ed Ludlow reports.
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On today’s Big Take podcast, finance reporters Max Abelson and Katherine Doherty discuss their exclusive reporting into who runs Jane Street and why it matters to global markets.
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The stock-market rout on Thursday pulled down companies at the heart of the AI boom due to the prospect of a political shift that will tap the brakes on the industry’s growth.
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