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Paramount looks to snake Netflix’s Warner Bros. deal at $30/share. (0:15) Wedbush gets more bullish on Apple. (1:54) Top Berkshire lieutenant following Buffett out the door. (2:29)
This is an abridged transcript of the podcast:
Our top story so far, Paramount is pitching a sequel.
Paramount Skydance (PSKY) has launched a hostile $30 per share all-cash tender offer for Warner Bros. Discovery (WBD) — the same price Paramount offered last week.
The move follows WBD’s agreement on Friday to sell its Warner Bros. assets to Netflix (NFLX) for $72B, or an enterprise value of $82.7B.
Paramount, however, is bidding for the entire company, offering an equity value of $74.4B and an enterprise value of $108.4B.
The bid is backstopped by the Ellison family and RedBird Capital, with $54B of debt commitments from Bank of America, Citi, and Apollo Global Management.
Paramount plans to go directly to WBD shareholders, arguing it is in their interest to keep the company intact, rather than sell assets piecemeal.
Paramount will also argue it has a better chance of securing regulatory approval than Netflix — citing antitrust concerns, and the potential for the Trump administration to block a Netflix/WBD merger.
In a statement, Paramount said its proposal “provides shareholders $18 billion more in cash than the Netflix consideration,” and that WBD’s board is favoring the Netflix deal based on an “illusory prospective valuation” of the Global Networks unit, which is unsupported by fundamentals and burdened by high leverage.
The deal now moves from negotiations to a public campaign, where both sides will try to echo their narrative through the shareholder base.
Among active stocks, Alphabet (GOOG) (GOOGL) is lower after a federal judge ruled the company must limit its partnerships with smartphone and smart-device makers — including Apple and Samsung (SSNLF) — to one-year agreements when setting Google Search or its AI app as the default option.
The ruling targets Google’s ability to secure long-term default placements, a key lever in its mobile search dominance.
Apple (AAPL) is higher after Wedbush raised its price target to $350 from $320, maintaining its Outperform rating.
Analyst Dan Ives said “2026 is going to finally be the year that Apple actually enters the AI Revolution,” and noted that iPhone 17 demand is trending well into year-end, including in China, with a healthy holiday setup ahead.
And Marvell Technology (MRVL) is lower after Benchmark downgraded the stock to Hold from Buy.
Analysts said that after a Silicon Valley bus tour, they have “a high degree of conviction” that Marvell has lost both Amazon’s Trainium 3 and 4 designs to Taiwanese rival Alchip.
In other news of note, this is not your Buffett’s Berkshire Hathaway.
Berkshire Hathaway (BRK.B) (BRK.A) is reshuffling senior leadership as the company prepares for Warren Buffett’s departure at year-end.
Long-time CFO Marc Hamburg will retire after 40 years with the firm, leaving in June 2027. He’ll be replaced by Charles Chang, who will become senior vice president and CFO on June 1, 2026.
In the insurance group, GEICO CEO Todd Combs is leaving Berkshire for JPMorgan Chase (JPM) — where he already serves on the board. Nancy Pierce, currently COO of GEICO, will step into the top job.
Combs worked with Buffett for decades, eventually rising to become one of the investing legend’s lieutenants for overseeing the company’s $283B equity portfolio, along with Ted Wechsler.
And in the Wall Street Research Corner, Bank of America says White House intervention in the economy next year could benefit currently cheap midcap stocks.
Strategist Michael Hartnett argues that President Trump is likely to act to arrest the drop in his approval rating — specifically by preventing inflation from hitting 4% and unemployment from reaching 5%.
In that scenario, Hartnett recommends going long inexpensive midcap stocks (MDY) into 2026.
He also highlights Main Street cyclicals as offering the best relative upside, including: Homebuilders (XHB), Retail (XRT), Paper, Transportation (XTN), REITs (XLRE).
Hartnett’s view, in short: if policy leans populist to stabilize the economy, the winners may be outside the megacap AI trade.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.