Episode summary
Warner Bros. Reopens Talks as Paramount Signals Higher Bid | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Lucas Shaw, Michelle Davis, Mark Gurman, Max Abelson, Bill Smead
Summary
Warner Bros. Discovery reopened talks with Paramount Skydance after Paramount signaled it would raise its offer to at least $31 a share, setting up a fresh contest with Netflix. The hosts and guests said Warner Bros. is using the next seven days to force Paramount to put its latest terms in writing, while still backing the signed Netflix deal at $27.75 a share for the studios and HBO Max. The central question is whether Paramount can become a genuinely superior bid, or whether Netflix will simply match a slightly higher offer and keep its lead.
The episode also dug into Apple’s push into AI hardware, including smart glasses, a pendant and camera-equipped AirPods. Mark Gurman said all of it depends on Apple getting a new Siri into market first, with a revamped voice assistant and Gemini integration serving as the foundation for those products.
Later, Bloomberg’s Epstein reporting centered on Leon Black, with Max Abson describing how the newly released files show Epstein operating as a fixer in personal, legal and financial matters. The final segment turned to markets, where Bill Sme argued that AI enthusiasm looks like a late-cycle mania and that the investment rewards in tech may already be largely behind investors for the next several years.
Key takeaways
- Warner Bros. Discovery is reopening Paramount talks only after Paramount signaled a bid of at least $31 a share, but Warner still prefers the Netflix agreement.
- Michelle Davis said Paramount now has seven days to show its best and final terms in writing before Netflix gets a chance to match.
- Lucas Shaw said a bidding war could lift the price, but he doubts it will become a frenzy because both Netflix and Paramount investors have limits.
- Mark Gurman said Apple’s AI wearables strategy hinges on a working new Siri, with smart glasses, AirPods and a pendant all dependent on that launch.
- Max Abson said the Epstein files show Leon Black’s relationship with Epstein was far more personal and operational than tax advice alone.
- Bill Sme argued that AI looks like a mania and said the investment rewards in big tech may already be taken for the next five years.
Notable quotes
“if you guys engage with us, we will offer at least $31 per share”
“The ball is in Paramount's court right now”
“we know if you only go up a dollar or two, Netflix is probably going to match you”
“the level of involvement and the level of of intimacy, personal and professional intimacy that Epstein craved and won from these powerful people”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Well, in media news, Warner Brothers Discovery has agreed to reopen negotiations with Paramount Sky Dance after Paramount proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix. This according to a statement on Tuesday. This wasn't news to any of you, though, because you all saw Lucas Shaw and Michelle F. Davis' scoop on Sunday when they exclusively reported that Warner Brothers was weighing reopening. over the weekend
With Paramount. Lucas Shaw is managing editor for media entertainment for Bloomberg News. Michelle Davis is at Bloomberg News, senior M&A reporter.
Lucas is in LA. Michelle is here in our Bloomberg Interactive Brokers studio. Uh Michelle, I want to start with you.
The deal uh the the Netflix uh versus the the Paramount deal. These are not apples and oranges or apples to apples. It's apples and oranges.
What is different though about Paramount Sky Dances deal this time versus, you know, a few weeks ago?
Yeah. I mean, and this is the moment we've kind of all been waiting for because of course Paramount has been saying for months, you know, 30 wasn't our best and final offer. And what's really different, the the big news that came out this morning was that uh it came out that Paramount's banker basically called Warner Brothers and said, "Hey, if you guys engage with us, we will offer at least $31 per share.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- media mergers
- paramount takeover bid
- netflix streaming deal
- apple wearables development
- energy markets stock pick
Companies and tickers mentioned
- PARA
- NFLX
- AAPL
- Warner Bros. Discovery Inc.
- Paramount Global
- Netflix
- Apple
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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