Channels with Peter Kafka "Hollywood is Truly Freaked Out." Inside the Netflix/WBD Deal with Lucas Shaw
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Dec 5, 2025 
Lucas Shaw, a Bloomberg reporter specializing in media and entertainment mergers, dives into the groundbreaking $83 billion Netflix-Warner Bros. Discovery deal. He explains how Netflix outmaneuvered Paramount in the bidding and discusses the regulatory challenges, notably with Trump's influence. Lucas explores the future of HBO content and potential integrations with Netflix, as well as the implications for the entire industry. He highlights how this deal reflects Netflix's ambitions and the bigger shifts happening in entertainment.
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Netflix Went From Flirt To Serious Bidder
- Netflix moved from flirtation to serious bidder after doing diligence and increasing its financial commitment.
- The company surprised rivals by offering substantial debt and stock rather than only diluting shareholders with stock deals.
Rivals Misread Netflix's Financial Play
- Paramount and others assumed Netflix would only offer stock and not raise debt, so they misread Netflix's seriousness.
- That misread opened the door for Netflix to outbid rivals and win Warner assets.
Watch Political Signals Closely
- Expect regulatory review and political noise; don't assume outcome until regulators decide.
- Watch White House signals and lobbying because presidential silence or noise can shift DOJ posture quickly.