Squawk Pod Paramount’s Updated Bid for Warner Bros. 12/22/25
Dec 22, 2025
Gerry Cardinale, founder of RedBird Capital Partners and key investor in Paramount's bid for Warner Bros., discusses the details of an amended $30 billion offer amidst competitive pressure from Netflix. He highlights the importance of direct shareholder engagement and addresses regulatory concerns. Meanwhile, Dr. Scott Gottlieb, former FDA Commissioner, raises alarms about the implications of adopting a Danish-style vaccine schedule in the U.S., emphasizing potential risks to children's health and the ongoing debate on drug pricing reforms.
AI Snips
Chapters
Transcript
Episode notes
Paramount Removes Key Obstacles
- Paramount amended its $30/share all-cash offer to remove key objections and increase deal certainty for WBD shareholders.
- Changes include Larry Ellison's $40.4B personal guarantee and a regulatory reverse termination fee raised to $5.8B.
All-Cash Offer Beats Complex Stub
- Gerry Cardinale argues Paramount's all-cash offer is superior in value and regulatory clarity versus Netflix's complex stock-and-stub proposal.
- He warns Netflix's leveraged stub could shift $15B debt onto studio and streaming, diluting shareholder cash value.
Demand A Full Vetting Of Bids
- Gerry urges Warner Bros. shareholders to demand a proper vetting and discussion of value between competing bids.
- He recommends the board engage with Paramount rather than short-circuiting the sale process.