Bloomberg Intelligence Warner Bros Plans to Reject Paramount Offer Next Week
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Dec 31, 2025 In this discussion, media analyst Luke Stillman dives into Warner Bros. Discovery's competitive refusal of Paramount's revised offer amid Netflix's interest. He highlights the deepening crisis in pay-TV and collapsing valuations for cable networks. Cybersecurity expert Theresa Payton stresses the rising importance of cybersecurity threats as AI evolves and warns about quantum computing risks potentially compromising encryption. CFRA analyst Cathy Seifert discusses Berkshire Hathaway’s future under new leadership and the strategic allocation of its vast cash reserves.
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Paramount's Offer Faces Likely Rejection
- Warner Bros. Discovery is likely to reject Paramount's unchanged $30-per-share bid in favor of Netflix's offer or a higher Paramount bid.
- Luke Stillman says a meaningful move would be Paramount raising to about $34–$35 per share given differing asset targets.
Bids Target Different Assets
- Netflix and Paramount value different parts of Warner's business, making direct comparisons hard.
- That divergence explains why Warner may prefer Netflix, which targets studio and streaming assets, over Paramount's full-asset bid.
Consolidation Is A Symptom, Not The Cause
- Consolidation reflects pressure from shifting TV distribution and strained monetization rather than causing it.
- Luke Stillman frames deals as symptoms of a shrinking TV economics landscape.