Channels with Peter Kafka "Neither Side Is Used to Losing." Lucas Shaw on What’s Next for Netflix and Paramount in the Battle for Warner Bros.
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Dec 17, 2025 
Lucas Shaw, Bloomberg's senior media reporter, dives into the intense clash between Netflix and Paramount over the future of Warner Bros Discovery. He explains why this moment marks a pivotal shift in Hollywood dynamics and discusses the roles of Trump and Middle Eastern financing in the mix. The duo also explores the competitive edge each company needs, regulatory challenges, and potential fallout from a merger. Plus, they tackle the rising influence of AI in filmmaking and its impact on production jobs, ending with Shaw's top cultural recommendations.
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Deal Not Final Until Shareholders Bless It
- The Warner Bros. sale isn't closed; boards will engage any superior offer to maximize shareholder value.
- Lucas Shaw says Paramount and Netflix can drive the price up because the board must consider higher bids.
Two Winners Both Loathe Losing
- Both Netflix and the Ellisons are "not used to losing," making a protracted bidding war likely.
- Netflix faces shareholder constraints that could limit how much more it will bid, Lucas Shaw warns.
Trump Is A Publicity Wildcard, Not An Arbiter
- Donald Trump will comment and influence narratives but likely won't actively decide the auction outcome.
- Lucas Shaw expects regulatory review regardless and limited direct presidential intervention.