FT News Briefing The bidding war for Warner Brothers Discovery begins
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Nov 20, 2025 
James Fontanella-Khan, FT U.S. finance editor, dives into the intense bidding war for Warner Brothers Discovery, spotlighting surprise entrants like Comcast and Netflix. He discusses how financial backing from David Ellison gives Paramount a competitive edge. Meanwhile, Thomas Hale, FT Shanghai correspondent, sheds light on China's murky economic data, explaining discrepancies in official statistics and their implications. Together, they unravel the intertwined fates of Hollywood deals and China's opaque economic landscape.
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Nvidia Signals AI Demand Is Real
- Nvidia's chip sales grew faster than Wall Street expected, signaling renewed enthusiasm in AI hardware demand.
- The results act as a bellwether for the AI sector and could calm investor worries about big tech valuations.
Ellison's Repeat Bid Turns Competitive
- David Ellison has repeatedly tried to buy Warner Bros Discovery and now faces competitors like Comcast and Netflix in a rare takeover fight.
- The bidding will unfold over weeks with Warner reviewing offers and potential counterbids.
Netflix's Unexpected Move
- Netflix's entry into the bidding is surprising given its lack of prior mega M&A and internal debate over the move.
- Its participation signals how rare and strategic the Warner assets are to streaming incumbents.