Squawk Pod Media’s New Soap Opera: Netflix, Paramount, & Warner Bros. Discovery 12/17/25
Dec 17, 2025
Rich Greenfield, a media industry analyst and founder of LightShed Partners, discusses the fierce competition in the media landscape as Warner Bros. Discovery's board pushes shareholders to reject Paramount's bid in favor of Netflix. Joining him is Netflix Co-CEO Greg Peters, who details why the acquisition enhances growth and the brand's value, while asserting regulatory strategies. The conversation also touches on the upcoming Medline IPO and its potential impacts, making for a riveting analysis of a rapidly changing entertainment sector.
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Shareholder Wants The Auction To Continue
- Becky Quick called Mario Gabelli to gauge shareholder reaction amid competing bids.
- Gabelli said he wants to keep the process in play to push for more cash or a better Netflix structure.
Stick To A Clean, Disciplined Offer
- Netflix recommends sticking to a clean, certain deal structure backed by strong balance sheet credentials.
- Greg Peters stresses disciplined valuation and readiness to walk if bids exceed rational value.
Cable Networks Add Hidden Value
- Rich Greenfield highlights that the Warner split unlocks value because a buyer exists for the cable networks.
- He says Paramount's financing looked fragile and relied heavily on Middle East equity and high debt.