Deals

Warner Bros. Discovery’s ‘Masterful’ M&A Move

Ross Gerber says future of Hollywood is at stake in battle for Warner Bros.

Warner Bros. Studios in Burbank, California, US, on Tuesday, Dec. 9, 2025. Paramount Skydance Corp. and Netflix Inc. — the entertainment heavyweights locked in a bidding war for Warner Bros. Discovery Inc. — are girding for a battle they predict will stretch well into 2026.Photographer: Ethan Swope/Bloomberg

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By Michael Hytha

December 23, 2025 at 4:12 PM UTC

This article is for subscribers only.

Hi, it’s Michael Hytha in San Francisco, recapping the thoughts of one Netflix shareholder on the biggest takeover battle of 2025. Also today, Europe’s chemicals sector is ripe for deals.

Please note that we are running a slightly reduced schedule over the holiday period, returning with our full daily briefings on Monday, Jan. 5.