Bloomberg Surveillance Netflix to Buy Warner Bros. Discovery
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Dec 5, 2025 Katy Kaminski, Chief Research Strategist at AlphaSimplex, navigates market technicals and highlights how small and mid-cap stocks are thriving amid rate cut expectations. Barbara Reinhard, CIO at Voya Investment Management, shares insights on equities stabilizing amidst Fed policy uncertainties and global spillovers from U.S. Treasury moves. Felix Gillette, Bloomberg News media reporter, dives into the monumental Netflix-Warner Bros. Discovery deal, discussing strategic motivations and the operational challenges that lie ahead.
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Turner Networks Will Be Spun Out
- The Netflix acquisition excludes Turner networks like CNN, TBS and TNT which will be spun out into a separate company by Q3 next year.
- Geetha Ranganathan expects Warner Bros. to seek M&A for that spun-out network business.
Zaslav's Role Remains Unclear
- David Zaslav's future role is unclear after the deal and the outcome surprised many given prior Comcast talks.
- Geetha calls the transaction puzzling but ultimately the best outcome for Warner shareholders.
Deal Driven By Library And Franchises
- Netflix bought Warner primarily to secure franchises, the HBO brand and a large library to fuel international growth.
- Geetha argues the cost of not doing the deal outweighed the distraction of executing it.