Prof G Markets Paramount Goes Hostile With $108B Bid for Warner Bros.
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Dec 9, 2025 
James Kynge, a Senior Research Fellow at Chatham House, discusses China's record trade surplus and its geopolitical implications, including Europe's trade tensions. Jonathan Kanter, the former Assistant Attorney General, analyzes Paramount's $108B hostile bid for Warner Bros., uncovering antitrust concerns and comparing it to Netflix's strategies. They tackle how media consolidations impact consumer choices and the regulatory challenges ahead, offering a deep dive into the dynamics of modern media mergers.
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China's Historic Trade Surplus
- A trade surplus means exports exceed imports and China hit over $1 trillion this year.
- James Kynge says this may be the largest peacetime surplus since WWII and signals enormous export strength.
Surplus Builds China’s Economic Firepower
- The surplus boosts Chinese GDP, corporate revenues, and foreign exchange reserves above $3 trillion.
- Kynge notes reserves can finance global investment, U.S. Treasuries, or international bailouts, strengthening China's global heft.
Europe Feels The Deficit Pain
- Every country's surplus implies someone else's deficit; Europe runs a large deficit to China.
- Kynge explains deficits reduce domestic company revenue and GDP, driving political complaints like Macron's 'unbearable' comment.