Squawk on the Street WBD Rejects Paramount and Recommends Netflix Deal, 20 Years of "Squawk on the Street" 12/17/25
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Dec 17, 2025 Warner Bros. Discovery is strategically rejecting Paramount's takeover bid, favoring a deal with Netflix due to concerns over financing. The anchors dive into the implications of Netflix's offer and explore Larry Ellison's role in the saga. A lively discussion on OpenAI and Amazon investment talks also unfolds. Meanwhile, the team celebrates a special milestone—20 years on the air—reflecting on their journey and sharing memorable clips. The market mood and IPO activities are analyzed, touching on Apple’s AI positioning and potential risks in tech investments.
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Board Prioritizes Certainty Over Higher Cash Offer
- Warner Bros. Discovery told shareholders to reject Paramount's $30 cash bid and back Netflix's offer due to financing certainty concerns.
- The board favored Netflix's deal because Paramount's equity commitments lacked guaranteed specificity, especially from Larry Ellison.
Netflix Frames Deal Around Viewing Share
- Netflix views competition by TV viewing share, not just streaming subscriptions.
- Greg Peters argues adding HBO viewing still leaves Netflix behind YouTube and Disney, supporting regulatory consumer-benefit arguments.
Prepare For A Lengthy Shareholder Timeline
- Expect a long wait until the shareholder vote, likely in spring or early summer, and plan accordingly.
- Monitor whether Paramount revises language or raises its bid, which could force the board to reconsider.
