Amid Investor Jitters, Netflix Pushes Hard For WBD Deal

In a high-stakes investor call Friday morning, Netflix co-CEO Ted Sarandos ramped up the sales pitch for the streaming giant's blockbuster $82.7 billion acquisition of Warner Bros. Discovery's studio and streaming assets, declaring the company "highly confident in the regulatory process" and "running full speed" toward approval."

This deal is pro-consumer, pro-innovation, pro-worker, it’s pro-creator, it’s pro-growth, and our plans here are to work really closely with all the appropriate governments and regulators, but we’re really confident that we’re going to get all the necessary approvals that we need," Sarandos told investors, emphasizing the complementary nature of the businesses. 

"These two businesses are complementary, and they’re also loved businesses, which is really fantastic."

The announcement, made just hours after Netflix sealed the deal in a cash-and-stock transaction valued at about $27.75 per Warner Bros. Discovery share, sent ripples through Hollywood and Wall Street. The acquisition—Netflix's largest ever—would merge the world's top streaming service, with over 300 million global subscribers, with Warner Bros.' iconic library of franchises like Harry Potter, Batman, Game of Thrones, and Friends, alongside HBO Max's 128 million users. 

Netflix co-CEO Greg Peters echoed Sarandos' optimism, calling the move a way to "improve our offering and accelerate our business for decades to come" by blending Warner's century-old production prowess with Netflix's digital distribution muscle.

Deal Emerges from Fierce Bidding War

The path to this mega-merger was anything but smooth, emerging from a cutthroat auction process that Warner Bros. Discovery (WBD) kicked off in October amid mounting debt, sluggish streaming growth, and a sagging stock price. WBD, formed from the 2022 merger of WarnerMedia and Discovery, had planned to spin off its studio and streaming units from its legacy cable networks like CNN and TNT by mid-2026, creating a leaner entity focused on linear TV. But rival bids derailed that strategy.

Paramount Global, newly led by Skydance's David Ellison and backed by his billionaire father Larry Ellison, emerged as the early frontrunner with a $30-per-share offer that included a $5 billion termination fee and a potential executive role for WBD CEO David Zaslav. Comcast also threw its hat in the ring, eyeing Warner's assets to bolster its Peacock service. Yet Netflix, long viewed as a "builder not a buyer," swooped in with the winning $28-per-share bid, outmaneuvering competitors after weeks of escalating offers. 

Sources described the process as "tainted" from Paramount's perspective, accusing WBD of favoring Netflix due to internal executive conflicts and a rushed timeline.

To sweeten the pot, Netflix pledged a hefty $5.8 billion breakup fee if regulators block the deal, along with commitments to preserve Warner's theatrical film releases—a nod to theater chains fretting over Netflix's streaming-first ethos. The company also promised $2 billion to $3 billion in annual cost synergies, expanded U.S. production, and more original content spending.

Critics, including former WarnerMedia CEO Jason Kilar, blasted the move on social media as "a more effective way to reduce competition in Hollywood than I could imagine," warning of an economic crisis for independent filmmakers and exhibitors. Theater owners, from chains like AMC to indie operators, voiced alarm that even with theatrical promises, Netflix's day-and-date streaming model could erode box office revenue further.

If approved, this union would crown Netflix as a vertically integrated behemoth, blending Warner's $15 billion-plus annual content spend with Netflix's $17 billion war chest—dwarfing rivals like Disney and Amazon. It signals the tech insurgents' final conquest of legacy Hollywood, following Amazon's 2022 MGM buyout, and could spark a fresh merger wave among smaller players desperate to scale.

WBD's CEO Tries To Reassure Anxious Staffers

Warner Bros. Discovery CEO David Zaslav moved quickly Friday to calm growing employee unease about job security, telling staff in an internal town hall that merger partner Netflix has explicitly expressed its desire “to keep most people” from WBD once the all-stock deal closes, expected in the second half of 2026.

Speaking to thousands of WBD employees via livestream, Zaslav described recent high-level discussions with Netflix co-CEO Ted Sarandos and other executives, saying Netflix views WBD’s creative and operational talent as a core strategic asset rather than a cost center to be slashed. “They don’t want to come in and just gut the place,” Zaslav reportedly said. 

“Ted has been very clear: they want to keep most people. This is about building something bigger together, not about massive headcount reduction.”

The remarks directly addressed weeks of mounting “trepidation” inside WBD, where staff have been rattled by memories of the brutal 2022 WarnerMedia-Discovery merger that eliminated thousands of positions and entire divisions. 

Multiple sources inside the company described morale as “in the toilet” in recent months as rumors swirled that Netflix, known for its lean culture, would impose Wall Street-pleasing synergies of $2–3 billion, largely through layoffs.

Zaslav pushed back hard on that narrative, emphasizing that Netflix’s subscription-driven, tech-first model actually needs seasoned content executives, marketers, publicists, and production personnel that WBD has in abundance. 

While the CEO acknowledged some “inevitable overlap,” particularly in corporate functions and certain international territories, he framed the overall integration as additive rather than reductive. “This isn’t 2022 again,” he said, according to attendees. “Back then we were combining two very similar companies. This time we’re bringing together highly complementary skill sets.”

Netflix declined to comment on specific integration plans, but a spokesperson reiterated that the company is “excited about the world-class talent at WBD” and is approaching the merger “with the goal of creating the strongest possible combined team.”

Netfix, WBD Deal Could Simplify Streaming For Consumers

Netflix's blockbuster $72 billion deal to acquire Warner Bros. Discovery's (WBD) film and TV studios, along with its HBO Max streaming service, promises to deliver a one-stop entertainment powerhouse for everyday viewers, potentially reducing the hassle of juggling multiple subscriptions while unlocking a treasure trove of iconic content like Batman, Harry Potter, and Friends under a single roof. 

The deal marks a seismic shift in Hollywood, handing Netflix control over one of the industry's oldest and most prized assets. For the average consumer tired of "subscription fatigue," this could mean fewer apps, broader libraries, and possibly bundled pricing options that make binge-watching more affordable and seamless. 

However, as regulators scrutinize the merger for antitrust risks, everyday users might face short-term disruptions, content blackouts, or even higher costs if Netflix leverages its new dominance to hike fees.

At its core, the deal fuses Netflix's original hits—think Stranger Things and Squid Game—with WBD's vast catalog of blockbusters and prestige series, creating what Netflix calls a "colossus" of entertainment that could dominate theaters, unions, and streaming charts alike. Consumers stand to gain immediate access to HBO Max's lineup without switching services, potentially slashing the average household's $50–$70 monthly streaming spend on fragmented platforms. 

Imagine paying one fee for everything from DC Comics epics to reality TV marathons, eliminating the need to cancel and resubscribe seasonally. 

Netflix has hinted at "innovative bundling" post-merger, similar to its Disney+ ad-tier partnerships, which could introduce family plans or add-ons for sports and news—assets WBD plans to spin off into a separate cable entity by Q3 2026. This convergence might also accelerate ad-free upgrades or personalized recommendations, drawing on WBD's data to refine algorithms that keep users hooked longer.

Yet, the rosy picture comes with caveats that could ripple through consumers' wallets and viewing habits.

TV Ratings: FOX News Leads With Total Day Viewers

FOX News Channel (FNC) finished the week of November 24 as the top cable network with viewers across total day, according to Nielsen Big Data + Panel. In Monday - Sunday primetime FNC nabbed 1.6 million viewers and 129,000 in the 25-54 demo. Across total day (6 AM-6 AM/ET), FNC posted 1.2 million viewers and 98,000 in the 25-54 demo.

The Five averaged 3.5 million viewers and 271,000 in the 25-54 demo, leading cable news across the board. At 6 PM/ET, Special Report with Bret Baier drew 2.6 million viewers and 237,000 in the 25-54 demo. The Ingraham Angle saw 2.3 million viewers and 208,000 in the 25-54 demo at 7 PM/ET. Jesse Watters Primetime commanded 2.6 million viewers and 217,000 in the 25-54 demo at 8 PM/ET. At 11 PM/ET, FOX News @ Night with Trace Gallagher secured 1.2 million viewers.

FNC’s late-night hit Gutfeld! (weekdays, 10 PM/ET) averaged 2.2 million viewers and 227,000 in the 25-54 demo continuing to outpace the broadcast competition including CBS’ The Late Show with Stephen Colbert (1.2 million viewers), ABC’s Jimmy Kimmel Live! (2.2 million viewers), and NBC’s The Tonight Show with Jimmy Fallon (1.6 million viewers).

FNC continued to see its daytime programs outpace the broadcast competition. The Will Cain Show (weekdays, 4 PM/ET; 2 million viewers) led NBC’s Today with Jenna and Friends (1.7 million viewers). Outnumbered (weekdays, 12 PM/ET; 1.7 million viewers), America’s Newsroom (weekdays, 9-11 AM/ET; 1.7 million viewers), The Faulkner Focus (weekdays, 11 AM/ET; 1.6 million viewers),The Story (weekdays, 3 PM/ET; 1.5 million viewers) and America Reports (weekdays, 1-3 PM/ET; 1.4 million viewers) all led NBC News Daily (1.4 million viewers) and ABC’s GMA3 (1.3 million viewers).

On Saturday:  Kayleigh McEnany’s Saturday in America (Saturday, 10 AM - 12 PM/ET) was the most-watched cable news show of the day with 1.3 million viewers. FOX & Friends Weekend (weekends, 6-10 AM/ET) followed with 1.1 million viewers. In primetime, My View with Lara Trump (Saturday, 9 PM/ET) averaged over 1 million and Life, Liberty & Levin (weekends, 8 PM/ET) averaged 906,000 viewers.

Sunday Morning: Futures (Sunday, 10 AM/ET) was the number one cable news show of the weekend with 1.5 million viewers. In primetime, Sunday Night in America with Trey Gowdy (Sunday, 9 PM/ET) led the way with 1.1 million viewers. The Sunday Briefing (Sunday, 11 AM/ET) hosted by Peter Doocy drew 1.2 million viewers.

Source: Nielsen. Big Data + Panel. Week of 11-24-25 ratings data. Average audience for cable news networks Monday-Sunday based on Total Day and Prime (6a-6a, 8P-11P), P2+, P25-54. Cable News/Broadcast Program averages exclude weekday specials, repeats and weekend includes specials, excludes repeats and include the corresponding program name.

Consumers Tire Of Keeping Up With The News

Thanks to radio, TV, emails, apps, and finally social media, news has never been more within reach. However, constant updates and pervasive push notifications are now causing a growing portion of Americans to consciously keep current affairs at arm’s length.

A survey update from Pew Research Center, published this week, found that the overall share of US adults who reported following the news all or most of the time fell to 36% in August 2025 — a significant drop from the 51% recorded in 2016, when the survey first began.

What’s particularly striking is that this trend tracks across all age cohorts, including those typically considered to be the most plugged in. From the Pew data, 30- to 49-year-olds have seen the biggest drop-off from 2016, with 20% fewer respondents in that age group saying that they keep up all or most of the time, while the share of 50- to 64-year-olds saying the same slumped 16% across the nine-year period.

“Brain rot” social media consumption that’s often blamed for the increasingly fragmented news landscape — in June, the Reuters Institute’s Digital News Report for 2025 noted an “accelerating shift” toward social media and video as “diminishing the influence of ‘institutional journalism’” — is most commonly associated with Gen Z.

And though young adults do follow the news less closely than other age groups, and a growing number of middle-aged Americans are indeed using social media as a news source, the practice of active avoidance might lend just as much insight into the drop-offs as increasing time spent on TikTok or Instagram Reels.

The same Reuters study found that news evasion is at a record high globally, with 40% of respondents saying they sometimes or often avoid the news, up from 29% in 2017 — citing a “negative effect on their mood” and being “worn out by the amount” as top reasons for swerving the headlines.

Ohio State-Michigan Most-Watched CFB Game This Year

Fox’s broadcast of Ohio State-Michigan on Nov. 29 averaged 18.4 million viewers, making it the most-watched college football game of the 2025 season on any network and the second-highest regular-season audience in Fox history.

The matchup delivered a 49% increase over last year’s game while peaking at 20.54 million viewers. 

Only the 2023 edition (19.06 million) drew a larger regular-season crowd on the network. It also easily topped Fox’s previous 2025 high-water mark, the season-opening Ohio State-Texas game (16.66 million).

The surge came as No. 1 Ohio State snapped a four-year losing streak to rival Michigan with a convincing 27–9 victory, further cementing the defending national champions’ status atop the rankings heading into championship weekend.

The Buckeyes will face Indiana Saturday night in the Big Ten title game, with a win likely locking up the No. 1 overall seed in the College Football Playoff.

The record-setting rivalry game capped a massive holiday sports weekend that also produced historic NFL audiences on Thanksgiving and Black Friday.

TV Ratings: FOX Business Crushes CNBC in November

FOX Business Network (FBN) delivered a sweeping victory over rival CNBC in November 2025, posting double-digit percentage leads in every major daypart and claiming six of the top ten most-watched business news programs, according to Nielsen Media Research.

Key November 2025 wins (total viewers):

• Business Day: FBN 223,000 (+18%) vs. CNBC 189,000
• Market Hours: FBN 223,000 (+15%) vs. CNBC 194,000
• Total Day: FBN 133,000 (+13%) vs. CNBC 118,000

The month marka FBN’s 20th consecutive monthly Total Day win. FBN locked up the top two spots in business television for the seventh straight month. 

Stuart Varney’s Varney & Co. (9 AM–12 PM ET) remained the undisputed most-watched business program with 284,000 viewers, beating CNBC’s direct competition by 35% and notching its 45th consecutive monthly victory. Larry Kudlow’s Kudlow (4 PM ET) took second place overall and crushed CNBC’s Closing Bell by 45%, securing its milestone 50th straight monthly win.

The network dominated across the schedule:

• Mornings with Maria outperformed CNBC’s Squawk Box by 12%
• The Evening Edit and The Bottom Line both topped their CNBC counterparts Fast Money and Mad MoneyWhile CNBC held an edge in the advertiser-coveted 25-54 demographic

FBN’s commanding lead in total viewership solidified its position as the clear leader in business news heading into the final month of 2025.

NBC's MTP Is No. 1 In November In Key Demo

Meet the Press with Kristen Welker was the #1 Sunday public affairs show among A25-54 demo viewers in November according to Nielsen.

Meet the Press averaged 440,000 key A25-54 demo viewers, leading ABC by +102,000 (+30%) and CBS by +23,000 (+5%). This marks Meet the Press’s tenth consecutive month ranking #1 among key A25-54 demo viewers and fifteenth consecutive month leading ABC. Meet the Press averaged 285,000 A18-49 viewers in November, tied with CBS for the season, which continues to rate for just 30 minutes of its hour-long broadcast.”

For the Sunday, November 30th show, Meet the Press increased its viewership across-the-board vs. prior week and increased its A25-54 and total viewership vs. prior year. Meet the Press reached its largest A25-54 audience in eleven weeks, its largest A18-49 audience in seven weeks, and its largest total viewer audience of the season.  Compared to prior year, Meet the Press reversed its total viewer gap vs. ABC (+70,000 vs. -275,000 prior year).

Meet the Press was the #1 Sunday public affairs show among key A25-54 demo viewers for the 2024-25 broadcast season and continues to rank #1 in A25-54 demo viewers season-to-date. Meet the Press has never lost a month in the Washington, D.C. market among total viewers. 

November’s broadcasts featured interviews with Treasury Secretary Scott Bessent, Secretary of Homeland Security Kristi Noem, Gov. Tim Walz (D-Minn.), New York City Mayor-Elect Zohran Mamdani (D-N.Y.), House Minority Leader Hakeem Jeffries (D-N.Y.) and more. It also featured a “Meet the Moment” conversation with “Wicked: For Good” director Jon M. Chu

D/FW Radio: 105.3 The Fan Raises $77K For Causes

Kevin Hageland, Brett Galitz, former Rangers pitcher Derek Holland, Kevin Walker

105.3 The Fan (KRLD-FM), an Audacy station in Dallas, raised $77,000 during its 12th annual Piece-a-Thon Fundraiser benefiting two local Dallas-Fort Worth organizations, My Possibilities and Sandlot Children’s Charity.

The 12th annual Piece-a-Thon took place on November 26 and was hosted by 105.3 The Fan’s midday hosts Kevin Hageland and Cory Mageors from “K&C Masterpiece.” The duo broadcast live from RJ Duke’s Sports and were joined by special guests throughout the day, including former Texas Rangers players Derek Holland and Will “The Thrill” Clark, Dallas Stars Hall of Fame Goaltender Marty Turco, Texas Rangers infielder Jake Burger and German actor Flula (Suicide Squad, Pitch Perfect). “K&C Masterpiece” can be heard weekdays from 10:00 a.m. to 2:00 p.m. CST.

“We love the opportunity to spotlight our favorite community causes with the platform that 105.3 The Fan and Audacy provide,” said Cory Mageors, Co-Host, K&C Masterpiece. “Our turn it on, leave it on, listeners make every second of this yearly marathon broadcast adventure worth the effort.”

$60,000 will go to My Possibilities, supporting the nonprofit’s mission to provide adults with Down Syndrome, Autism and other cognitive disabilities the chance to continue their education. My Possibilities is a charity personally driven by Mageors due to a challenging event in his family. His daughter, at the age of 4 days old, sustained brain damage due to a seizure. Even though they weren’t sure if she would ever require the organization’s specific services, the knowledge that My Possibilities was available provided great comfort.

$17,000 will benefit The Sandlot Children’s Charity, to help provide financial assistance to children with physical and intellectual disabilities who wish to participate in sports. The organization aims to improve the lives of kids with disabilities through athletic opportunities.

📻Listeners can tune in to 105.3 The Fan (KRLD-FM) in Dallas on-air and nationwide on the Audacy app and website. Fans can also connect with the station via X, Facebook and Instagram.

Radio History: Dec 6

➦In 1877...Thomas Edison made his first recording of a human voice. On the recording Edison recited, “Mary had a little lamb. Its fleece was white as snow. And everywhere that Mary went, the lamb was sure to go.”  Edison recordings were made on tin foil and could sustain replaying only a few times.  Nevertheless, Edison’s little machine was an immediate sensation, widely demonstrated and covered by the press.

After the initial excitement around his invention, Edison turned from work on his “talking machine” to improve the electric light bulb.  He would not work on the phonograph again until the late 1880s, when wax cylinders replaced tin foil as his recording medium.

Sound recording instruments before Edison’s did exist, but they were not intended to replay what had been recorded.  Notable among these was Frenchman Leon Scott’s phonautograph.

Inspired by Edison’s work with sound recording, other inventors sought to improve the phonograph. Among the most noted were Alexander Graham Bell and Emile Berliner.  Bell and his associates experimented with disc and cylinder recordings and their graphophone, which employed wax cylinder records, became a popular dictating machine.  Berliner had commercial success with disc records and the machine to play them—the gramophone.

➦In 1923...President Coolidge became the first president to address the American people on broadcast radio from 1600 Pennsylvania Avenue in Washington DC. Coolidge delivered a message about national priorities and the state of the nation to a joint session of Congress. Nowadays, that speech is known as the State of the Union address.

Over the years, technology has greatly changed the way Presidents deliver the State of the Union address. We've moved from broadcast radio to television, and now the Internet. Here's a timeline of some of the digital "firsts" when it comes to the State of the Union address:

• President Calvin Coolidge in 1923: First radio broadcast of the address
• President Harry Truman in 1947: First televised broadcast of the address
• President George W. Bush in 2002: First live webcast on the Internet of the address
• President Barack Obama in 2011: First to live-tweet the address

While there isn’t an exact number of how many people listened to President Coolidge’s first State of the Union address, the White House Historical Association estimates that his 1925 inaugural address reached more than 23 million radio listeners. In past administrations, reaching that many Americans was practically unheard of.

In 1877, President Rutherford B. Hayes (1877-1881) spoke on the telephone to the instrument’s inventor, Alexander Graham Bell. Two years later, Hayes had his own telephone in the White House, but the invention was so new that very few homes or offices in Washington had phones, so Hayes had few people to talk to. In fact, the president’s telephone number was "1".

➦In 1943...the prestigious hour-long drama show “Theatre Guild On the Air” began an almost ten-year run, debuting on CBS radio.  For much of its run it was known as “The United States Steel Hour” first on ABC and then NBC radio, before moving to TV in 1953.

➦In 1957... Elvis Presley visited Memphis radio station WDIA 1070 AM where he met two of his music idols, R&B singers Little Junior Parker and Bobby “Blue” Bland.

Report: Netflix To Acquire WBD, Deal Excludes CNN

Netflix's $82.7 billion deal for Warner Bros. Discovery

• Expected to close in 12 to 18 months
• Netflix to own WBD's studio and HBO Max
• Cash & stock deal at $27.75 per WBD share
• $72B equity value / $82.7B enterprise value
• Both company boards approved deal unanimously
• Early indications from DC say the White House views deal with "heavy skepticism"
• Warner Bros still intends to spin out its global networks unit (CNN, TNT, Discovery, etc.) in a separate deal

Netflix has announced a definitive agreement to acquire Warner Bros. Discovery's (WBD) studios, streaming business (including HBO and HBO Max), and related assets in a transformative deal valued at an equity price of $72 billion and an enterprise value of $82.7 billion. 

The acquisition follows a weeks-long bidding war and marks a seismic shift in the entertainment industry, combining Netflix's global streaming dominance with Warner Bros.' storied legacy in film, TV, and IP. The deal excludes WBD's Global Networks division (e.g., CNN, TNT, Discovery+), which will be spun off into a separate publicly traded company named Discovery Global, expected to complete in Q3 2026.

The transaction was unanimously approved by both companies' boards and is positioned as a way to enhance content offerings for consumers while driving efficiencies. Netflix co-CEOs Ted Sarandos and Greg Peters described it as uniting "two pioneering entertainment businesses," emphasizing innovation and storytelling. WBD CEO David Zaslav highlighted Warner Bros.' century-long impact on audiences.

Deal Terms 

• Valuation and Payment Structure: WBD shareholders will receive $23.25 in cash and 4.501 shares of Netflix common stock per WBD share, valuing the acquired assets at $27.75 per share.
• Timeline: The deal is contingent on the Discovery Global spin-off, regulatory approvals (including antitrust reviews in the U.S. and Europe), WBD shareholder approval, and other standard conditions. Closing is anticipated post-spin-off in late 2026.
• Breakup Fees: Netflix will pay a $5.8 billion reverse breakup fee if the deal fails due to regulatory issues; WBD faces a $2.8 billion fee if it backs out for another offer.
• Synergies: Netflix projects $2–3 billion in annual cost savings by year three, through optimized production, content distribution, and operations.