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Feb 18
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AVOID
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Jay Clayton
U.S. Attorney for the Southern District of New York / Former SEC Chair
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"Whatever late night shows... 60 Minutes CBS at this point is compromised... If you do look at the media... it is way skewed to one side." Clayton explicitly names CBS (owned by Paramount) as "compromised" and biased. He suggests the "free market" is moving away from these legacy entities because they no longer represent the public's diverse views. This implies continued viewership churn and loss of relevance for legacy broadcasters. Avoid legacy media conglomerates reliant on traditional broadcast prestige, which is eroding. M&A activity (buyouts) could temporarily spike the stock price regardless of fundamental viewership trends. |
CNBC
Watch CNBC’s full interview with U.S. Attorne...
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Feb 18
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WATCH
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Joumanna Bercetche
Anchor, Bloomberg
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Warner Bros. Discovery (WBD) has agreed to reopen buyout negotiations with Paramount (PARA) after Paramount raised its bid. The consolidation of legacy media is accelerating to compete with streaming giants. A bidding war or finalized deal provides immediate arbitrage opportunities. Watch for deal terms; this is a classic M&A arbitrage setup. Regulatory antitrust blocking; deal financing falling through. |
Bloomberg Markets
Geneva Diplomacy: US-Iran Hail Progress in Nu...
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Feb 18
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LONG
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Romaine Bostick
Anchor, Bloomberg
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Paramount Skydance explicitly stated "it is war" regarding the competing bid from Warner Bros. Discovery, asking shareholders for an extension to fight the WBD bid. Paramount shares jumped 5% on the news. Hostile bidding wars typically result in premium pricing for the target asset (Paramount) as suitors are forced to sweeten deals to win shareholder approval. LONG (specifically PARA as the target). Deal collapse; regulatory intervention blocking consolidation. |
Bloomberg Markets
Partial Shutdown Drags on Over DHS Funding | ...
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Feb 17
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WATCH
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Chris Palmeri
Team Leader, Media & Entertainment, Bloomberg
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Warner Bros. Discovery is "officially reopening sale talks" with Paramount after a sweetened offer. Netflix has also given WBD "seven days to discuss" a counter-bid involving assets. The media sector is entering a chaotic consolidation phase. While M&A usually boosts the target (PARA), the complexity of the deal structures (debt loads, asset spin-offs) makes the outcome binary and volatile. Watch for the winner of the Paramount assets; arbitrage opportunities may arise. Regulatory blocking of mergers; deal talks falling apart. |
Bloomberg Markets
Stocks Gain as Tech Holds Up; Bonds Steady | ...
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Feb 17
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AVOID
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Ted Sarandos
Co-CEO, Netflix
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"Paramount have been making a ton of noise flooding the zone with confusion... floating all these hypothetical offers... bypassing the Warner Brothers Discovery board." Sarandos characterizes Paramount's behavior as desperate and chaotic ("flooding the zone"). If Paramount wins, they are paying a premium ($31+) and leveraging up. If they lose, they remain a sub-scale player that failed to consolidate. AVOID (Strategic Uncertainty). Paramount could become an acquisition target itself if it fails here. |
CNBC
Netflix co-CEO: Paramount has been 'flooding ...
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Feb 17
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WATCH
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Norah Mulinda
Bloomberg Market Reporter
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Warner Bros. Discovery (WBD) agreed to reopen negotiations with Paramount (PARA) regarding a merger/acquisition. Renewed M&A talks suggest consolidation is inevitable in the media sector to compete with Netflix. This puts a floor under the stock prices due to deal speculation. WATCH (M&A Arbitrage). Regulatory antitrust blocking; deal falls through again. |
Bloomberg Markets
Apple Ramps Up Wearables for AI Era | Bloombe...
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Feb 17
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AVOID
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Georgia
Host
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"Bite Danc's Sea Dance 2.0 dropped about a week ago. I mean it's so good that Disney and Paramount have sent cease and desist." When legacy media giants resort to legal threats (C&Ds) rather than competition, it signals that the disruptive technology (AI video generation) has breached their quality moat. The ease of creating "Disney-quality" content via AI is a deflationary pressure on their IP value and production advantages. Avoid legacy media stocks relying on production barriers to entry; the cost of content creation is collapsing. Legal regulation could successfully stifle AI video distribution in the short term. |
CNBC
Figma CEO Dylan Field on the software reckoni...
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Feb 17
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WATCH
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Ed Ludlow
Co-Host, Bloomberg Technology
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Warner Bros. Discovery (WBD) has reopened negotiations with Paramount (PARA). Netflix (NFLX) granted a 7-day waiver for these talks. A banker signaled PARA would accept a minimum of $31/share. This signals a bidding war. PARA is the clear target with a floor price established. WBD risks over-leveraging to win the deal (negative for WBD equity/credit). NFLX is in the mix but has a disciplined balance sheet; if they walk, they might collect a breakup fee, but if they bid, they face regulatory scrutiny. Long PARA (Target), Avoid WBD (Acquirer Risk/Leverage concerns). Regulatory antitrust blocks (DOJ/FTC) could kill any deal; WBD might walk away if price gets too high. |
Bloomberg Markets
Open Interest 2/17/2026
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Feb 17
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WATCH
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Georgia
Host, Tech Check
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ByteDance released "Sea Dance 2.0" (video generation) which was so good that "Disney and Paramount have since cease and desist." The quality of AI video generation has crossed a threshold where it directly threatens legacy media IP. The immediate reaction is legal defense, but the long-term threat is the democratization of studio-quality content creation. WATCH. Monitor the effectiveness of these legal blocks; if they fail, legacy media moats erode faster. Legal costs and inability to stop open-source proliferation. |
CNBC
Figma CEO Dylan Field On The Software Reckoni...
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Feb 17
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WATCH
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David Faber
Anchor, Squawk on the Street / Media Analyst
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Paramount has "seven days to present an offer better than Netflix's." They have added a "tickling fee" to sweeten the deal for WBD shareholders. Paramount is desperate to scale. While they might win the asset, the concern is the solvency of their legacy cable networks (MTV/Nickelodeon) by the time the deal closes. It is a high-risk binary event. WATCH. If they win, the synergy narrative begins; if they lose, they remain a sub-scale player. Overpaying for WBD renders the combined entity insolvent due to debt load. |
CNBC
Squawk Pod: The Legacy of Reverend Jesse Jack...
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Feb 17
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WATCH
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David Faber
Anchor, Squawk on the Street / Media Analyst
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"Your odds have to... go up on on Paramount... Will Paramount be able to address not just price but also some of these other concerns... particularly for Paramount's cable networks." Paramount is the "interloper" trying to acquire WBD. While their odds of winning are improving, Faber highlights significant structural risks regarding their cable assets (MTV, Nickelodeon) and the LBO structure, questioning if the entity would even be solvent by close. WATCH. The deal is complex and carries high execution risk due to the declining nature of legacy cable assets. Financing falling through; cable assets deteriorating faster than expected ("almost no longer be an ongoing entity"). |
CNBC
Netflix grants Warner Bros. Discovery 7-day w...
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Feb 17
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LONG
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Vonnie Quinn
Anchor, Bloomberg
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"ZIM shipping up a whopping 40% on the back of some M&A news... Danaher nearing a $10 billion deal for Masimo... Norwegian Cruise is up on the back of activist investor Elliott taking a stake... Paramount... renewed talks with Warner Bros." We are in a high-velocity M&A environment. ZIM and MASI are direct buyout targets with immediate premiums. NCLH is an activist turnaround play (Elliott usually forces operational improvements or a sale). PARA is in a bidding war (Warner vs. Netflix), which typically drives the price to the highest bidder. LONG these specific tickers as event-driven plays. Regulatory blocking of deals (antitrust) or deal financing falling through. |
Bloomberg Markets
Stock Futures Slide; US, Iran Hold Talks in G...
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Feb 16
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WATCH
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Louise Moon
Reporter, Wall Street Journal
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Warner Bros Discovery is reportedly reopening talks with Paramount/Skydance. The new offer involves Paramount covering a breakup fee owed to Netflix. M&A activity in media indicates consolidation is necessary for survival. The deal structure (covering fees) suggests seriousness. WATCH for deal confirmation; arbitrage opportunities may arise. Regulatory hurdles or deal collapse. |
Bloomberg Markets
'Shared Values' discussed in Munich; RAM Conc...
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Feb 16
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LONG
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Emmanuel McGrory
Deals Editor, Bloomberg
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Warner Bros. Discovery (WBD) is considering reopening sales talks with Paramount (PARA) after Paramount submitted amended terms. The transcript explicitly mentions this could "reignite a second bidding war with Netflix." If WBD re-engages, it puts a floor under PARA's stock price and signals consolidation in the media sector. LONG PARA as the acquisition target; WATCH WBD/NFLX for volatility around deal terms. Regulatory hurdles or deal talks collapsing again (as they have previously). |
Bloomberg Markets
Rubio Warns Europe & Warner Bros. Mulls New P...
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Feb 16
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WATCH
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Paul Allen
Reporter, Bloomberg
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Warner Bros. Discovery is reportedly considering reopening sales talks with Paramount to potentially topple a deal with Netflix. If WBD enters a bidding war or strategic merger talk, it introduces volatility and potential arbitrage premiums for Paramount shareholders, while potentially weighing on WBD's balance sheet sentiment. WATCH for deal confirmation. Regulatory hurdles for consolidation in the media space are high; deal talks may fall apart. |
Bloomberg Markets
Bitcoin Traders Brace for $60K Shock as Liqui...
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Feb 16
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WATCH
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Annabel Droulers
Anchor, Bloomberg TV
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Warner Bros Discovery is reportedly reopening sale talks with Paramount; Skydance has also submitted amended terms to topple a potential Netflix deal. A bidding war is emerging for Paramount's assets. The inclusion of a $2.8B breakup fee coverage by Skydance indicates serious intent to block consolidation by competitors. WATCH. M&A arbitrage opportunity developing as multiple suitors engage. Regulatory antitrust blocking any deal. |
Bloomberg Markets
Laopu Gold, CATL Added to Hang Seng Index | T...
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Feb 16
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LONG
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Tony Czuczka
Editor, Bloomberg
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Warner Bros. Discovery (WBD) is reportedly considering reopening sales talks with Paramount (PARA) to start a fresh bidding war, attempting to topple an existing deal with Netflix (NFLX). A renewed bidding war involving a strategic player like WBD implies a higher premium for the target asset (Paramount) as suitors compete. The inclusion of debt financing and breakup fees in competing offers strengthens the floor for the stock. LONG PARA (as the acquisition target), WATCH WBD and NFLX for volatility. Regulatory antitrust hurdles (DOJ) or deal collapse. |
Bloomberg Markets
Japan Posts Anemic Growth as Takaichi Eyes Sp...
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Feb 15
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LONG
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@DeItaone
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Warner Bros. weighing reopening sale negotiations with Paramount suggests potential M&A activity, which could lead to a premium for Paramount shares if a deal materializes. |
@santiagoaufund
https://t.co/NtpBSAqn9R https://t.co/DZ4og4ai...
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Feb 13
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LONG
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Doug
Antitrust Policy Expert
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The DOJ Antitrust Chief has resigned, and the expert states, "They probably won't block any mergers... You will see Live Nation potentially settle favorably... Paramount has a chance to steal this one." The "decapitation" of the antitrust division removes the primary overhang on large-cap M&A and monopolistic tech behavior. If the government stops blocking deals, acquisition targets (Paramount) and platform monopolies (Google) re-rate higher as regulatory risk premiums evaporate. LONG. The regulatory "put" is back; M&A animal spirits will return. Public backlash or state-level attorneys general continuing the fight despite federal withdrawal. |
Bloomberg Markets
Trump Agrees to End Minnesota Immigration Sur...
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Feb 12
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LONG
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Michelle Davis
Reporter, Bloomberg
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Paramount reaffirmed a $30/share offer and added concessions: paying WBD's $2.8B breakup fee to Netflix and offering a $0.25/share ticker for closing delays. Paramount is aggressively signaling confidence and financial commitment to win the deal. If Ancora succeeds in pivoting WBD toward Paramount, PARA becomes the acquirer or merger partner in a potentially transformative consolidation. LONG (or WATCH depending on deal structure). The aggressive terms suggest Paramount is desperate to close, which could be bullish for the sector consolidation thesis. If WBD sticks with the Netflix deal, Paramount is left without a partner; regulatory hurdles could block the deal (though PARA is confident). |
Bloomberg Markets
Activist Ancora Joins the Fight for Warner
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Feb 12
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WATCH
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Mark Douglas
CEO, MNTN
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"My opinion is it's [M&A] a nice to have for Netflix, must have for Paramount. And when it's a must have, I don't think, you know, kind of the final act has been played." Paramount lacks the scale or balance sheet to compete independently in the streaming wars against tech giants. Management is backed into a corner where a sale or merger is an existential necessity, making it a pure event-driven M&A play. Watch for consolidation news; the asset is distressed but strategic. Deal falls through; regulatory blockage; acquisition at a price lower than current valuation. |
CNBC
AI is allowing our customers to create commer...
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Feb 11
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LONG
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Michelle Davis
Reporter, Bloomberg
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Activist investor Ancora has built a stake in WBD to oppose a Netflix merger and force engagement with Paramount. Paramount has sweetened its bid to $30/share plus a $2B breakup fee and delay penalties. Activist involvement combined with a "sweetened" hostile bid creates a floor for the stock price and accelerates price discovery. The $30/share offer sets a clear valuation benchmark. LONG. The M&A friction is forcing value realization. Regulatory hurdles or deal collapse leading to a reversion to pre-bid lows. |
Bloomberg Markets
Kraft Heinz Pauses Split, Paramount Sweetens ...
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Feb 11
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LONG
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Jim Chadwick
Managing Partner, Ancora
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Chadwick calls the |
CNBC
Chadwick: This is a once in a lifetime opport...
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