The Business Everything you need to know about the Warner Bros. sale (so far)
Dec 12, 2025
Lucas Shaw, Head of the Media and Entertainment Group at Bloomberg, dives into the high-stakes drama of the Warner Bros. sale. He discusses Netflix's bold bid and Paramount's aggressive counter-offer, dissecting their strategies and shareholder priorities. The conversation also touches on the regulatory landscape and how it could impact outcomes. Nearby, filmmaker Rian Johnson shares insights on creating chemistry among the cast for 'Knives Out,' while Shawn Levy reflects on the balance of blockbuster hits and intimate storytelling. The industry is buzzing!
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Deal Value Hinges On Cable 'Stub'
- Warner Bros. sale pits Netflix's streaming dominance against the Ellisons' cash all‑in offer, forcing shareholders to weigh price, regulatory risk, and future strategy.
- The core valuation dispute centers on how much the spun‑out cable stub (CNN, TNT, TBS) is worth and thus which bid truly pays more.
Paramount Goes Hostile To Shareholders
- Paramount launched a hostile tender to shareholders claiming a $30 per share all‑cash offer is superior and easier for regulators to accept.
- Warner Bros. has already rejected Paramount's move and is expected to back the Netflix agreement for now.
Three Lenses To Judge Offers
- Comparing offers requires three lenses: headline price, cash vs. stock mix, and regulatory approval odds.
- Shareholders will judge both who pays more and who actually clears regulators, which affects timing and certainty of payment.