Over the past 24 hours, four notable developments have emerged around the pending antitrust litigation over Paramount’s proposed acquisition of Warner Bros. Discovery. Two came from earnings calls, one from the CEO of the second-largest theater chain and one from Paramount’s own chief legal officer…
While Paramount has repeatedly claimed that the State AGs and the WGA have ignored reality to invent an antitrust case to block the merger of Paramount Skydance and Warner Bros. Discovery, we believe it no longer matters. Nor does David Ellison’s view that the State AGs’ case is politically motivated and tied to CNN. Nor does Chief Legal Officer Makan Delrahim’s view…
When Disney reports fiscal (June) Q3 2026 earnings next Wednesday, August 5th, we expect Disney to announce its first major strategic move under new CEO Josh D’Amaro. We believe Disney will announce the sale of…
Paramount is shifting its conference call format to pre-submitted questions, similar to Netflix, Comcast and Disney. However, unlike those three companies, Paramount will open the call to live Q&A at the end of its Q2 earnings call, which is appreciated as it offers the ability to press on issues that preformulated responses fail to answer. We thought it would be helpful to lay out the major questions we have for Paramount heading into earnings on Tuesday, August 4th.
Late Friday the Financial Times confirmed what we have been warning investors about for the past year. Uber and Waymo are headed for a divorce. In this note, we get into why January 2028 may not even be the real exit date. We share what we found outside Waymo’s depots and inside its partners’ cars.…
With Paramount agreeing not to close its pending acquisition of Warner Bros. Discovery until the earlier of June 1, 2027, or five days after a final court ruling on the merits (link), the $110 billion question is the strength of its legal case. We have focused on Paramount’s contradictory statements surrounding…
While YouTube has a long-term deal to be the exclusive home of NFL Sunday Ticket and YouTube TV offers NFL games on ABC/ESPN, CBS, FOX and NBC, we were surprised that YouTube did not bid more aggressively for a package of NFL games for the 2026-2027 season. After talking about the success of last year’s…
Comcast changed its earnings call format from live Q&A to pre-submitted questions starting with today’s Q2’2026 earnings call. We submitted the three questions shown below…
Tesla’s stock fell 14%, and the easy explanation is margins, capex that doubled sequentially and free cash flow going the wrong way. We think the more important answer came buried in the Q&A on Cybercab. We also asked about Cybercabs as Starlink hotspots and the timing of a driverless Semi. There is plenty of upside in both, but the timelines remain as hard to predict…
Earlier today, Judge Martínez-Olguín issued a 14-day temporary restraining order (link) and set an August 3rd hearing on the far more important preliminary injunction that would stop the merger from closing pending trial (with a trial unlikely to occur before 2027). Given our analysis…
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