Bloomberg Intelligence Paramount Extends Tender Offer for Warner Bros. Shares
8 snips
Jan 22, 2026 
Seema Shah, VP of Research and Insights at Sensor Tower, delves into Paramount’s ongoing battle for Warner Bros. Discovery shares, highlighting why Paramount’s need for the deal contrasts with Netflix's strengths. Sid Philip discusses GE's disappointing full-year earnings amid supply-chain challenges in the aerospace sector. Gautam Mukunda analyzes the geopolitical ramifications surrounding the U.S. approach to Greenland, suggesting that recent actions may undermine trust with allies and provoke economic pushback from Europe.
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Paramount Needs The Deal More Than Netflix
- Paramount needs the Warner deal far more than Netflix because Paramount's global share and ad revenue are tiny compared with Netflix.
- Seema Shah argues that Warner's assets would be transformative for Paramount but less so for Netflix given Netflix's scale.
Tender Extension Unlikely To Shift Shareholders
- Paramount's extension of its tender offer is unlikely to win many more shares because shareholders prefer Netflix and find Paramount's price unconvincing.
- Seema Shah says Warner management supports Netflix, making Paramount's path very difficult without a much higher bid.
Pivot Strategy If Paramount Loses
- If Paramount fails to win Warner, it must rethink growth by changing its model or pursuing content/sports and local-language expansion.
- Seema Shah suggests Paramount needs strategic moves to avoid remaining at the industry's periphery.