Netflix to Buy Warner Bros. Discovery

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Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney
Friday, December 5th, 2025

Featuring:
1) Geetha Ranganathan, US Media Analyst for Bloomberg Intelligence, reacts to Netflix agreeing to acquire Warner Bros. Discovery in a historic combination, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios. Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. The total equity value of the deal is $72 billion, while the enterprise value of the deal is about $82.7 billion.

2) Katy Kaminski, Chief Research Strategist at AlphaSimplex, discusses how rate cut expectations are lifting small and mid cap stocks more than big tech.

3) Felix Gillette, Bloomberg News Media & Telecom Reporter, joins to provide more analysis on the Netflix-WBD deal.

4) Barbara Reinhard, CIO of Multi Asset Strategies & Solutions at Voya Investment Management, on equities stabilizing as investors weigh rate cuts and BOJ contagion risks.

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