Bloomberg Surveillance Single Best Idea with Tom Keene: Geetha Ranganathan
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Dec 8, 2025 
Geetha Ranganathan, a Bloomberg Intelligence analyst specializing in media and entertainment, joins to dissect the ongoing bidding wars between Paramount and Netflix. She reveals the intricate dynamics behind their offers, highlighting Paramount's potential for higher synergies and strategic advantages. Geetha also explores the implications of these bids for Warner Bros. Discovery, assessing how they could shape future valuations. With her insight, she paints a vivid picture of the corporate drama unfolding in the media landscape.
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Studio Drama Born From Tight Booking
- Tom Keene tells a production anecdote about booking quality guests and timing that creates surprising moments.
- He recounts a guest arriving three minutes before air and the conversation turning into a dramatic reveal about Paramount and Netflix.
Netflix Offer Compared To Total Valuation
- Netflix's offer for Warner Bros. Discovery values the whole company lower than Netflix's targeted partial acquisition when you account for the TV networks value.
- Geetha Ranganathan explains Netflix's $28 offer compares to a $32 per-share implied total valuation when adding estimated TV-network value.
Partial Bid Beats A Full-Asset Comparison
- Netflix's bid targets only the studio and streaming assets, leaving the TV networks valued separately at about $4 a share.
- That structural difference makes Netflix's partial bid comparably superior on a per-asset basis, says Geetha Ranganathan.