'We're pleased' with Warner Bros. bidding war, says Harris Oakmark Funds' Bill Nygren
Speakers
Bill Nygren
— Partner, Portfolio Manager, U.S. CIO, Harris Oakmark Funds
Summary
Bill Nygren, Partner and CIO-U.S. of Harris Oakmark Funds, discusses the Warner Bros. Discovery bidding war between Paramount and Netflix. He remains a long-time WBD holder, arguing the market undervalued its studio assets and that current bids are near fair value but not the best yet. He also comments on Netflix's stock/cash financing logic and why he does not see Paramount's bid as substantially superior.
- Bill Nygren says he has owned Warner Bros. Discovery for a long time.
- He liked WBD because the market was shortsighted on studio asset value.
- He is pleased with the WBD board's bidding process.
- Paramount bid $30 cash versus Netflix's $27.75 cash plus Global Networks value.
- Nygren does not view Paramount's bid as substantially superior.
- He expects the best bid may not yet be on the table.
- He says Netflix's stock/cash decision makes sense to him.
- He remains a WBD holder because the market anticipates a higher bid.
Ideas
Long Warner Bros. Discovery on higher bids.
Nygren has owned Warner Bros. Discovery for a long time because he thought the market was shortsighted in valuing its studio assets. He is pleased with the bidding war and the board's handling of it, sees current bids as reasonably close to fair value, and does not think Paramount's bid is substantially superior. He does not believe the best bid has been seen yet, says the market is anticipating something higher, and remains a holder because a higher or transformational bid could still emerge.
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This CNBC video, published January 14, 2026, features Bill Nygren discussing WBD. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Bill Nygren · Tickers: WBD