| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Ted Sarandos
Co-CEO, Netflix |
"Paramount, Skydance, had offered $31 per share, a dollar more than Paramount Skydance had previously offered... We gave them the opportunity to get those shareholders exactly what they deserve, which is complete clarity." WBD is the prize in a heated bidding war between two major media conglomerates. With a confirmed counter-offer of $31 setting a floor, and Netflix having the right to match, the price discovery is skewed strictly to the upside. LONG (Arbitrage / Acquisition Target). Regulatory intervention blocking consolidation; deal collapse leading to mean reversion. | 0:23 | |
| LONG |
Ted Sarandos
Co-CEO, Netflix |
"We have been incredibly disciplined buyers in our normal course of business... remaining very disciplined in the process of doing that. So this shouldn't be different than that." The market punished NFLX (down 25%) fearing a "winner's curse" where they overpay for WBD. Sarandos is explicitly signaling they will not overpay ("disciplined"). If they win at a fair price, they get the assets; if they walk away, the "overpayment risk" is removed, and the stock should recover. LONG (Oversold Bounce / Management Discipline). Losing the deal could be perceived as a strategic failure; winning the deal might still involve short-term integration pain. | 0:06 | |
| AVOID |
Ted Sarandos
Co-CEO, Netflix |
"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. | 0:12 |