Welcome back to the new season of The Special Situations Report! We’re proud to release this week’s special episode, an interview with our wonderful guest, Gary Heffernan. Gary is an individual investor who has a background in investment banking, equity research, and more general finance applications. Gary has incredibly deep knowledge of both the special situations and value investing landscapes.

Our conversation with Gary centered around the ever-developing Warner Bros. Discovery situation, beginning with a breakdown of the pre-deal environment and bidding war, and continuing with an in-depth examination of both competing bids once the official acquisition had been announced. We explore the considerations associated with the Discovery Global Networks spinoff as well as the key risks to this deal, including regulatory risks, leverage concerns, and opposition from key media players. This was easily one of the most comprehensive deep dives we’ve ever done on this podcast, and as such, we learned so much from this discussion. We hope our listeners enjoy this as much as we enjoyed recording it!

A list of resources referenced during this podcast:

Congressional Hearing: https://www.youtube.com/watch?t=1343&v=mY9fNZZLAuw&feature=youtu.be

Pentwater CEO Interview: https://www.cnbc.com/video/2026/01/07/halbowers-letter-to-wbd-netflix-merger-has-greater-regulatory-risk-than-paramount-merger.html

Check out InsideArbitrage here: https://www.insidearbitrage.com/

Check out Gary Heffernan here: https://x.com/garyHeff

A Deep Dive Into Warner Bros Discovery With Gary Heffernan - The Special Situations Report Episode #49