Netflix, Comcast and Paramount Make Bids for Warner Bros

Nov 21, 2025

Guest

Beth Kowitt

Guest

Geetha Ranganathan, a media analyst at Bloomberg Intelligence, dives into the high-stakes bids from Netflix, Comcast, and Paramount for Warner Bros. Discovery, analyzing valuation and potential synergies. Calvin Butler, CEO of Exelon, discusses the crucial role of utilities in powering data centers and affordable energy solutions. Jody Lurie reveals rising consumer travel budgets despite economic concerns, while Beth Kowitt explores how Walmart's $2.7 billion investment in workforce improvements has rehabilitated its corporate reputation.

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INSIGHT

Bids Signal Major Media Consolidation

Warner Bros. Discovery attracted multiple bids for different asset slices, signaling a major media consolidation wave.
Geetha Ranganathan says studio and streaming assets likely carry most of the value, driving bidder interest and synergy math.

ADVICE

Prepare For A Long Sale Process

A prolonged sale process weakens the seller's position and may hurt Warner Bros. Discovery if bids drag out.
Geetha notes the company retains a Plan B: splitting into networks and studio/streaming units if bids falter.

INSIGHT

Studio Turnaround Boosts Standalone Value

Warner Bros. Discovery's studio turnaround and streaming growth make the assets more attractive even absent a full-company sale.
Geetha places studio+streaming value around $25–$28 per share, reflecting improving fundamentals.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix Inc., Comcast Corp. and Paramount Skydance Corp. all submitting bids for Warner Bros. Discovery Inc., according to people with knowledge of the matter, setting the stage for one of Hollywood’s biggest companies to be sold. The submissions meet a Nov. 20 deadline for a first round of bids set by the board of Warner Bros. Discovery, the parent of HBO, CNN and the Warner Bros. movie and TV studios. The New York Times reported earlier Thursday that the three companies had put in offers.

- Beth Kowitt, Bloomberg Opinion Columnist, discusses her column: “Inside Walmart’s Masterclass in Reputation Rehab: Beth Kowitt.” Walmart Inc. was once criticized for its treatment of workers and impact on communities, but its reputation has been rehabilitated under CEO Doug McMillon. McMillon invested $2.7 billion in Walmart's workers, including pay increases and training, which improved retention and attracted more ambitious employees.

-Jody Lurie, Bloomberg Intelligence Senior Credit Analyst discusses research from Bloomberg Intelligence on vacation budgets. Even amid rising economic concerns, over two-thirds of respondents to BI's proprietary travel survey said they'll spend more to go places in 2026, about the same as last year, according to BI's US proprietary US travel survey conducted Nov. 10-17. Those planning air travel say they favor a better experience, which may aid full-service airlines like American and United vs. Spirit and Frontier. Some 51% of respondents are eyeing hotel chains vs. 48% in 2025, benefiting Hyatt, Marriott, IHG and Hilton.

-Calvin Butler, CEO of Excelon, discusses the data center boom, its soaring energy demand, and what it means for the green transition. The electrification push is driving unprecedented demand for cables, transformers, gas turbines, and skilled engineers. This is causing multi-year delays and rising costs globally. The technological challenge of managing an energy grid dominated by intermittent renewables, and the most promising innovations emerging to solve it.

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