WEBVTT - What Really Happened in the Battle for Warner Bros.

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>It was a pretty stunning upset. Paramounts Guidance finally clinched

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<v Speaker 2>the deal to buy Warner Brothers Discovery after a month's

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<v Speaker 2>long bidding war with Netflix. The final price tag one

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<v Speaker 2>hundred and ten billion dollars thirty one dollars a share.

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<v Speaker 3>Yeah, it's just about the biggest quite a few years.

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<v Speaker 2>Bloomberg's Chris Palmery said, that number is just so much

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<v Speaker 2>bigger than other big media deals we've seen.

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<v Speaker 3>Go back to Disney, Fox is around seventy eighty billion,

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<v Speaker 3>So this is a big number. I was surprised because

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<v Speaker 3>media values have declined in recent years, but the amount

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<v Speaker 3>of this deal is dramatic.

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<v Speaker 2>Back in December, Netflix had offered to buy the studio

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<v Speaker 2>and its streaming business for nearly eighty three billion dollars,

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<v Speaker 2>and Warner Brothers board accepted. It seemed like the end

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<v Speaker 2>of the story, but it wasn't. When did the tides

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<v Speaker 2>actually start to shift toward Paramount.

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<v Speaker 1>Our reporting indicates it was Saturday, February twenty first.

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<v Speaker 2>Bloomberg's Lucashaw says that's when Paramount CEO David Ellison called

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<v Speaker 2>up Warner Brothers CEO David Zaslov And said, we've got

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<v Speaker 2>an offer that's going to address all your remaining concerns.

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<v Speaker 1>Paramount submit an offer that was really close to what

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<v Speaker 1>Warner Brothers wanted, and people who are involved in the

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<v Speaker 1>deal said that at that point they were on the

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<v Speaker 1>five yard line.

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<v Speaker 2>Paramount sky Dance has won a bidding war with Netflix

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<v Speaker 2>over Warner Brothers Discovery. Paramount's persistence paid off.

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<v Speaker 1>The board changed their mind money talks. They went to

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<v Speaker 1>what they thought would get their shareholders paid the most,

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<v Speaker 1>and as a result, get them paid the most.

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<v Speaker 2>I'm Sarah Holder, and this is the big take from

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<v Speaker 2>Bloomberg News today on the show The Anatomy of a Deal,

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<v Speaker 2>Why Netflix bowed out, the regulatory hurdles that remain, and

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<v Speaker 2>how these two big movie studios will become one. When

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<v Speaker 2>the bidding war over Warner Brothers Discovery started in October

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<v Speaker 2>of last year, we saw ever increasing offers from each side,

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<v Speaker 2>endless negotiations, and a laundry list of powerful people getting involved,

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<v Speaker 2>including President Trump. There was even some talk that Netflix

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<v Speaker 2>may have walked away from the deal because of political pressure,

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<v Speaker 2>but entertainment and media reporter Lucas Shaw who also writes

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<v Speaker 2>the screen Time newsletter for Bloomberg, says it really came

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<v Speaker 2>down to price.

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<v Speaker 1>It was really a financial decision.

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<v Speaker 2>Lucas got the first interview with Netflix co CEO Ted

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<v Speaker 2>Sarandos after his company dropped out of the bidding war

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<v Speaker 2>for Paramount.

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<v Speaker 1>Ted was adamant that this had nothing to do with politics,

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<v Speaker 1>despite a lot of the speculation, because he'd been in

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<v Speaker 1>DC the week really the day that Netflix pulled out

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<v Speaker 1>and had been to the White House, had met with

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<v Speaker 1>the Department of Justice. They had put forth their best

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<v Speaker 1>and final offer at the in early December, and that

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<v Speaker 1>Paramount kept revising its offer. David Ellison had made it

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<v Speaker 1>clear that not only was he coming over the top here,

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<v Speaker 1>but that he would continue to bid more and that

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<v Speaker 1>they viewed him as an irrational buyer.

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<v Speaker 2>So Netflix walked away, but not empty handed. The company

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<v Speaker 2>got a big breakup fee from Paramount and a bump

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<v Speaker 2>and share price from investors who weren't totally sold on

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<v Speaker 2>the plan to buy Warner Brothers in the first place.

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<v Speaker 3>There's talkers up and they got paid two point eight billion,

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<v Speaker 3>which will make you a lot of Adam Sandler movies

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<v Speaker 3>pretty quick.

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<v Speaker 2>Bloomberg's Entertainment and telecom reporter Chris Palmery.

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<v Speaker 3>People often say that's best deals are the ones you

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<v Speaker 3>never do. I think that's certainly the case in Netflix.

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<v Speaker 2>So Lucas going back in time a little bit, Why

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<v Speaker 2>has everyone wanted Warner Brothers Discovery? These two of studios

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<v Speaker 2>Netflix and Paramounts Guidance have spent a lot of time,

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<v Speaker 2>a lot of energy, and a lot of money to

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<v Speaker 2>acquire it. What made it worth fighting for so hard?

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<v Speaker 1>Well, it's a rare asset, right. Warner Brothers is one of,

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<v Speaker 1>if not the most productive studio in Hollywood. If you

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<v Speaker 1>look across film and television, it's kind of year after year,

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<v Speaker 1>probably the number two or three movie studio after Disney.

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<v Speaker 1>It's television studio produces some of the most popular shows

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<v Speaker 1>in the world, Ted lassa Abbat Elementary. It's the home

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<v Speaker 1>of Friends and Big Bang Theory. It's got HBO, which

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<v Speaker 1>is both a great brand and a library of hit programs,

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<v Speaker 1>And so I think people always see potential in that

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<v Speaker 1>it's never really been realized by one of these owners.

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<v Speaker 1>People try to figure out how to better position HBO

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<v Speaker 1>as a competitor to Netflix, how to use the studio,

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<v Speaker 1>and it hasn't quite panned out, but it doesn't stop

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<v Speaker 1>people from always wanting to try, because there are only

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<v Speaker 1>so many studios you can buy.

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<v Speaker 2>Unique as Warner Brothers may be. Chris says it was

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<v Speaker 2>surprising to see David Ellison put his hat in the

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<v Speaker 2>ring to try and buy it because he'd only recently

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<v Speaker 2>taken over Paramount. Ellison's company, Skydance Media, announced it would

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<v Speaker 2>take control of the studio for eight billion dollars in

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<v Speaker 2>twenty twenty four. The deal took nearly a year to

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<v Speaker 2>finalize after going through regulatory hurdles and FCC approval.

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<v Speaker 3>David Ellison fought a very hard fought battle to take

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<v Speaker 3>control of Paramount and just close on that deal in

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<v Speaker 3>August of last year, and literally a month later he

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<v Speaker 3>was bidding for Warner Brothers staggering amount of work to

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<v Speaker 3>you know, consolidate Paramount and then to try to buy

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<v Speaker 3>an even bigger company. And so nineteen dollars a share

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<v Speaker 3>was his first offer. There was eight or nine offers

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<v Speaker 3>since then. That steady drum beat. I mean it was

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<v Speaker 3>a multi pronged attack, if you will, on the Netflix

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<v Speaker 3>deal by David Ellison in Paramount They went to shareholders

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<v Speaker 3>and they said, you know, there should be a bidding

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<v Speaker 3>war here. We're offering more. That deal isn't good. You know.

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<v Speaker 3>They went to politicians and played every card they could

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<v Speaker 3>in that department.

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<v Speaker 2>David Elison went to the White House, he went overseas.

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<v Speaker 3>Meeting the President, meeting with regulators, everyone.

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<v Speaker 2>You can imagine, you gave us some context for that

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<v Speaker 2>one hundred and ten billion dollar figure, just how big

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<v Speaker 2>that is in the scale of other media company deals.

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<v Speaker 2>But is there a danger that they're overpaying?

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<v Speaker 3>Oh yeah, I've joked many times that I don't know

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<v Speaker 3>if you think it's a joke, but this company is

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<v Speaker 3>like the King Tut's Tomb of corporate world because everyone

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<v Speaker 3>that touches it has sort of cursed. You think about

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<v Speaker 3>AOL buying it at and t buying it, then the

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<v Speaker 3>Discovery merger. None of those deals have worked, and so

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<v Speaker 3>this is going to be a major challenge. The story

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<v Speaker 3>will not be over by September thirtieth, or whenever they

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<v Speaker 3>hope to close this deal. It's going to be major consolidation.

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<v Speaker 3>We've never really seen consolidation of two Hollywood studios like this.

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<v Speaker 3>This is a situation where you'll have two separate studio lots,

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<v Speaker 3>Paramount and Warner, two separate movie studios, different people heading those.

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<v Speaker 3>That's not really been the case ever, so we'll have

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<v Speaker 3>to see how that works. Major consolidation in the cable networks.

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<v Speaker 3>So you know, this is now a business that will

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<v Speaker 3>stretch from MTV and HGTV, CBS, I mean, just a

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<v Speaker 3>huge television arm that's facing major challenges because of the

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<v Speaker 3>meltdown of traditional TV. And then this consolidation, which is

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<v Speaker 3>really what this is all about, the streaming business. So

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<v Speaker 3>HBO Max and Paramount Plus becomes one. You know, they'll

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<v Speaker 3>still be facing five or six other major competitors. Can

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<v Speaker 3>they make that work? Can they make that payoff?

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<v Speaker 2>It's a lot of work ahead to pay for Warner Brothers.

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<v Speaker 2>The Ellison family and their partner, Redbird Capital have pledged

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<v Speaker 2>to invest forty seven billion dollars in the deal. Some

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<v Speaker 2>of that money will likely come from other equity partners,

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<v Speaker 2>including three Middle Eastern sovereign wealth funds identified in public filings.

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<v Speaker 2>And then there's the debt.

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<v Speaker 3>They're taking on an enormous amount of debt, well north

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<v Speaker 3>of seventy billion dollars to complete this transaction.

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<v Speaker 1>Pocket change.

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<v Speaker 2>Yeah, yeah, yeah, it's not nothing. Well, Lucas we talked

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<v Speaker 2>about how adamant Netflix was that politics wasn't behind their

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<v Speaker 2>decision to stand down here. But as we mentioned before,

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<v Speaker 2>Paramount CEO David Ellison was lobbying hard for President Trump support,

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<v Speaker 2>and Trump wasn't shy about rooting for Paramount in this

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<v Speaker 2>s bidding war. So I'm wondering if you think politics

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<v Speaker 2>had any influence on the outcome of this deal.

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<v Speaker 1>I think Trump had pretty minimal influence. Where politics had

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<v Speaker 1>the most influence was on the Warner Brothers shareholders. Right

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<v Speaker 1>after Warner Brothers announced it deal with Netflix, what the

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<v Speaker 1>Allisons did really effectively was kind of rally a bunch

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<v Speaker 1>of other people to oppose the deal and be concerned

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<v Speaker 1>about it. That was senators, that was Republican attorneys general.

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<v Speaker 1>They certainly worked the Department of Justice, and even you

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<v Speaker 1>know figures in hollywo They really scared about the deal.

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<v Speaker 1>And so all of this, this feeling that the Netflix

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<v Speaker 1>deal would face a stiff review, whether it was in

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<v Speaker 1>the US or Europe, spooked a lot of Warner Brothers

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<v Speaker 1>shareholders who were just saying, I want my money now, like,

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<v Speaker 1>get me as much money as quickly as possible. Let's

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<v Speaker 1>get out of this, and they started to make a

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<v Speaker 1>lot of noise and put pressure on the Warner Brothers board.

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<v Speaker 1>So though I think Trump and politics played a factor

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<v Speaker 1>in a lot of the decision making it, it was

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<v Speaker 1>strongest with influencing Warner Brothers shareholders, who then in turn

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<v Speaker 1>influenced the Warner Brothers board.

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<v Speaker 2>After the break, what will it take to bring these

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<v Speaker 2>two big studios together? Past mergers might hold some answers,

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<v Speaker 2>plus how the deal could impact the news and content

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<v Speaker 2>you watch in stream. The bidding war is over and

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<v Speaker 2>Bloomberg's Lucas Shaw and as Paul Mary told me, that

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<v Speaker 2>now comes the even harder part combining Paramount's Guidance and

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<v Speaker 2>Warner Brothers Discovery into one mega studio.

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<v Speaker 1>There's a tremendous amount of overlap. They both own film

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<v Speaker 1>and TV studios, they both own cable networks, they both

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<v Speaker 1>own streaming services. There is very little that one does

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<v Speaker 1>that the other doesn't do, which is why it's a

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<v Speaker 1>kind of widely held belief that this will result in

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<v Speaker 1>thousands of job losses. Paramount, when they initially were talking

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<v Speaker 1>about their deal, I think touted about six billion dollars

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<v Speaker 1>in synergies. Some people think it might be even higher.

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<v Speaker 1>Exactly what that's going to look like remains to be seen. Right,

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<v Speaker 1>Are they going to keep Paramount and Warner Brothers as

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<v Speaker 1>independent labels as studios are combined them? They're going to

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<v Speaker 1>say that they're independent and that they're going to increase

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<v Speaker 1>output in both places. The history of mergers suggests that

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<v Speaker 1>they will in fact curtail output over time, but they

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<v Speaker 1>have to say they're going to boost it to get

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<v Speaker 1>it approved. Same deal on the TV studio side with

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<v Speaker 1>the TV networks, I assume it's going to be a bloodbath.

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<v Speaker 1>They're just going to fire a ton of people and

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<v Speaker 1>merge all those to get.

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<v Speaker 3>Yeah, David Elisson has really pounded the table and said

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<v Speaker 3>they're going to make more content, more movies, more TV shows.

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<v Speaker 3>It's going to be a giant, unwieldy conglomerate with all

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<v Speaker 3>of these different parts competing for attention and for money.

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<v Speaker 3>Whether that translates into more content or they ultimately put

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<v Speaker 3>pressure onto cut costs and maybe less choice for us.

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<v Speaker 2>You mentioned looking at history to kind of serve as

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<v Speaker 2>a guide to how a merger like this might play out.

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<v Speaker 2>What is the track record of these types of massive

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<v Speaker 2>media mergers when you combine something like Warner Brothers and

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<v Speaker 2>Paramount piss.

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<v Speaker 1>Poor would be the answer. There has never been one

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<v Speaker 1>of these deal. These deals don't work, right. I mean,

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<v Speaker 1>I just look at the history of Warner Brothers. Right,

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<v Speaker 1>time Warner merged with AOL kind of textbook example of

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<v Speaker 1>one of the worst mergers in the history of business.

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<v Speaker 1>Forget just the entertainment business. Time Warner sells to AT

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<v Speaker 1>and T that didn't work very well. Warner Media merges

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<v Speaker 1>with Discovery that doesn't work very well. Brings us to

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<v Speaker 1>this point. There just are not a lot of examples,

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<v Speaker 1>at least in the entertainment business, of multi billion dollar

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<v Speaker 1>deals that worked out well for the acquirer.

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<v Speaker 2>Yeah, I mean, if the track record of these kinds

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<v Speaker 2>of media mergers is so disastrous, is his poor. As

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<v Speaker 2>Lucas said, why keep trying Hubri's ego?

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<v Speaker 3>You know, if you're struggling and you've tried everything else,

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<v Speaker 3>cutting costs, you know, spending on these rights or this rights,

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<v Speaker 3>then the idea of just oh I'll just bulk up.

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<v Speaker 3>It'll be so much easier if I just buy them.

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<v Speaker 3>I think that's compelling argument that people can make to themselves,

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<v Speaker 3>and consultants make to them, and bankers make to them.

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<v Speaker 3>But ultimately I think there's a lot of ego in

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<v Speaker 3>this as well.

0:12:39.600 --> 0:12:42.720
<v Speaker 2>We touched on the regulatory pressure and Netflix Warner Brothers

0:12:42.760 --> 0:12:47.360
<v Speaker 2>merger may have encountered. What about Paramount Warner Brothers. What

0:12:47.400 --> 0:12:49.520
<v Speaker 2>does a regulatory landscape look like there?

0:12:49.800 --> 0:12:52.600
<v Speaker 1>Well, by a lot of traditional metrics, the Paramount Deiald

0:12:52.640 --> 0:12:55.520
<v Speaker 1>is actually worse from a regulatory perspective, or one that

0:12:55.520 --> 0:12:58.840
<v Speaker 1>would be more likely to face scrutiny because you're combining

0:12:59.320 --> 0:13:02.200
<v Speaker 1>like assets, right, So you're combining two movie studios, it

0:13:02.200 --> 0:13:06.040
<v Speaker 1>creates one movie studio that would have north of twenty

0:13:06.040 --> 0:13:09.800
<v Speaker 1>percent market share. More than likely you're combining a bunch

0:13:09.800 --> 0:13:12.320
<v Speaker 1>of cable networks, and then you add in some of

0:13:12.360 --> 0:13:16.319
<v Speaker 1>the less consumer facing ones. But more the monopsy the ecosystem,

0:13:16.360 --> 0:13:18.960
<v Speaker 1>it's impact on suppliers. It's going to be one of,

0:13:19.000 --> 0:13:21.600
<v Speaker 1>if not the biggest producer of film and television in

0:13:21.640 --> 0:13:23.600
<v Speaker 1>the world, and so what kind of market power will

0:13:23.600 --> 0:13:25.920
<v Speaker 1>it have over writers and directors.

0:13:25.720 --> 0:13:28.720
<v Speaker 2>And how might that regulatory scrutiny play out over the

0:13:28.720 --> 0:13:29.520
<v Speaker 2>next few months.

0:13:29.679 --> 0:13:31.960
<v Speaker 1>It seems pretty clear that the Department of Justice is

0:13:32.000 --> 0:13:35.080
<v Speaker 1>not going to go after this deal. They've sort of

0:13:35.640 --> 0:13:37.800
<v Speaker 1>already breezed through a lot of it. They may have

0:13:37.880 --> 0:13:41.080
<v Speaker 1>to resubmit what they're doing, but nobody's expecting the DOJ

0:13:41.440 --> 0:13:44.559
<v Speaker 1>to file suit against it. The main questions are in

0:13:44.559 --> 0:13:48.360
<v Speaker 1>Europe and with state attorneys general from democratic states, you know.

0:13:48.400 --> 0:13:50.160
<v Speaker 1>I think in Europe there will be a review and

0:13:50.200 --> 0:13:51.920
<v Speaker 1>there might need to be kind of one or two

0:13:52.040 --> 0:13:55.120
<v Speaker 1>changes made, maybe a divestment or two, but nobody's expecting

0:13:55.160 --> 0:13:57.720
<v Speaker 1>it to block the full deal. I think you could

0:13:57.760 --> 0:13:59.960
<v Speaker 1>see state attorneys general try to block the whole deal.

0:14:01.400 --> 0:14:04.719
<v Speaker 1>Whether they'll be successful is sort of anyone's guests. I

0:14:04.760 --> 0:14:06.920
<v Speaker 1>think more likely there would need to be some remedies,

0:14:07.320 --> 0:14:09.840
<v Speaker 1>sort of like in Europe, Lucas.

0:14:10.000 --> 0:14:12.400
<v Speaker 2>If this goes through, a lot of viewers are worried

0:14:12.440 --> 0:14:16.640
<v Speaker 2>about how this might impact the content they consume. For example,

0:14:16.679 --> 0:14:20.800
<v Speaker 2>if we look at news media, Paramount already owns CBS.

0:14:21.080 --> 0:14:24.600
<v Speaker 2>Allison hired Barry Weiss to be CBS's editor in chief,

0:14:24.640 --> 0:14:28.080
<v Speaker 2>and she's been critical of mainstream media outlets, accusing them

0:14:28.080 --> 0:14:31.680
<v Speaker 2>of liberal bias. She's opposed to cancel culture views that

0:14:31.760 --> 0:14:35.040
<v Speaker 2>make her popular with conservatives, and she's already clashed with

0:14:35.080 --> 0:14:38.640
<v Speaker 2>some in the newsroom over editorial direction and concerns that

0:14:38.680 --> 0:14:42.240
<v Speaker 2>she's willing to appease the Trump administration. What does it

0:14:42.280 --> 0:14:44.960
<v Speaker 2>mean for the news landscape in the US if Paramount

0:14:44.960 --> 0:14:46.240
<v Speaker 2>now also owns CNN.

0:14:47.000 --> 0:14:49.480
<v Speaker 1>That one's hard to say, because I don't sense that

0:14:49.560 --> 0:14:53.400
<v Speaker 1>David Ellison is spending a significant amount of his time

0:14:53.440 --> 0:14:56.360
<v Speaker 1>thinking about the news business. It's not his number one priority.

0:14:56.360 --> 0:15:00.200
<v Speaker 1>He's been more focused on film and television and entertainment. Obviously,

0:15:00.200 --> 0:15:02.880
<v Speaker 1>the big concern that some people have is that because

0:15:03.240 --> 0:15:06.800
<v Speaker 1>the Ellison's, in particular Larry Ellison, is close to Donald

0:15:06.840 --> 0:15:09.800
<v Speaker 1>Trump and Republican politicians, that those sort of tilt CNN

0:15:10.000 --> 0:15:12.440
<v Speaker 1>more to the right. They have not said anything to

0:15:12.480 --> 0:15:14.760
<v Speaker 1>suggest that they're going to do that, but it's understandable

0:15:14.760 --> 0:15:16.320
<v Speaker 1>why people would be concerned about it.

0:15:16.960 --> 0:15:20.600
<v Speaker 2>Recently, in an interview with CNBC, David Ellison tried to

0:15:20.680 --> 0:15:25.720
<v Speaker 2>reassure journalists at CNN, saying that quote, editorial independence will

0:15:25.760 --> 0:15:27.280
<v Speaker 2>absolutely be maintained.

0:15:27.840 --> 0:15:30.080
<v Speaker 1>The comment certainly didn't surprise me. He's going to say

0:15:30.080 --> 0:15:33.120
<v Speaker 1>whatever he needs to do to sort of appease and

0:15:33.160 --> 0:15:36.480
<v Speaker 1>mollify folks. CBS News was not a centerpiece of his

0:15:36.520 --> 0:15:39.240
<v Speaker 1>strategy for Paramount, nor is CNN going to be a

0:15:39.280 --> 0:15:41.760
<v Speaker 1>centerpiece of his strategy for Warner Brothers. It is a

0:15:41.880 --> 0:15:45.920
<v Speaker 1>nice asset to buy, but if you told him that

0:15:46.000 --> 0:15:48.440
<v Speaker 1>he could buy it without CNN, I'm sure he'd be

0:15:48.520 --> 0:15:49.200
<v Speaker 1>happy to do that.

0:15:50.840 --> 0:15:54.080
<v Speaker 2>We've been talking about media consolidation broadly in this country,

0:15:54.120 --> 0:15:56.840
<v Speaker 2>but there's also been consolidation of the media happening under

0:15:56.920 --> 0:16:00.840
<v Speaker 2>the Ellison family. I'm wondering what completing this deal would

0:16:00.880 --> 0:16:05.800
<v Speaker 2>mean for the Ellison's power and influence over the media

0:16:05.840 --> 0:16:06.920
<v Speaker 2>business in the US.

0:16:07.360 --> 0:16:09.400
<v Speaker 1>I mean, it puts them in charge of one of

0:16:09.440 --> 0:16:12.440
<v Speaker 1>the largest and most powerful media empires in the world,

0:16:12.960 --> 0:16:17.040
<v Speaker 1>two studios, dozens of TV networks, two major streaming services,

0:16:17.360 --> 0:16:19.280
<v Speaker 1>you know, by kind of any measurement, but in terms

0:16:19.280 --> 0:16:21.200
<v Speaker 1>of revenue, in terms of market cap, in terms of

0:16:21.200 --> 0:16:24.280
<v Speaker 1>streaming subscribers. It makes them the owners of one of

0:16:24.320 --> 0:16:26.960
<v Speaker 1>the three to five biggest media companies in the world.

0:16:27.160 --> 0:16:30.240
<v Speaker 3>And of course Oracle just investment in TikTok as well.

0:16:30.520 --> 0:16:33.720
<v Speaker 3>So certainly part of this narrative that there's a sort

0:16:33.720 --> 0:16:37.440
<v Speaker 3>of a broader, more conservative takeover of the mainstream media.

0:16:37.680 --> 0:16:40.240
<v Speaker 3>And I guess you can argue whether that's good or

0:16:40.240 --> 0:16:44.040
<v Speaker 3>bad depending on your politics, but many people have made

0:16:44.040 --> 0:16:47.080
<v Speaker 3>the case that the Paramount is moving in that direction.

0:16:47.480 --> 0:16:50.160
<v Speaker 1>To Chris's point, what are David Elson's plans for this

0:16:50.480 --> 0:16:52.360
<v Speaker 1>massive company that he's now in charge of? I mean,

0:16:52.360 --> 0:16:55.040
<v Speaker 1>he went from running, you know, a relatively small business

0:16:55.040 --> 0:16:57.200
<v Speaker 1>and guidance the leveling up and running a much bigger

0:16:57.200 --> 0:16:59.280
<v Speaker 1>business in Paramount, and now he's going to be on

0:16:59.320 --> 0:17:02.200
<v Speaker 1>top of something tens of thousands employees. It's just unlike

0:17:02.240 --> 0:17:03.320
<v Speaker 1>anything he's done before.

0:17:07.119 --> 0:17:10.080
<v Speaker 2>This is the Big Take from Bloomberg News. I'm Sarah Holder.

0:17:10.440 --> 0:17:13.080
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0:17:13.119 --> 0:17:16.960
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0:17:17.000 --> 0:17:20.440
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0:17:20.600 --> 0:17:23.240
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0:17:23.280 --> 0:17:26.160
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0:17:26.960 --> 0:17:28.960
<v Speaker 2>Thanks for listening. We'll be back tomorrow