Paramount firmly believes its current $30 bid for all of Warner Bros. Discovery is superior to Netflix’s $27.75 bid combined with the spin-out of Discovery Global. However, even after Paramount’s recent updates to improve the quality of its $30 bid, the WBD Board of Directors does not yet believe Paramount’s offer is likely to lead…
In recent weeks, Uber and Lyft have attempted to push the narrative that it would take decades for autonomy to scale. Recent data points arriving over the past few days point in the opposite direction. Waymo is now outlining a credible path to higher-volume deployment, and Tesla continues to show steady technical progress. We previously…
With Meta stock flat over the past year and underperforming the S&P 500, which rose 15%, we have eight key questions for Mark Zuckerberg and the Meta management team heading into tonight’s Q4 2025 earnings call: 1) How Can Meta AI Compete with Gemini? AI has been an enormous tailwind to Meta’s core business, improving…
Yesterday, we joined TBPN with hosts Jordi Hays and John Coogan (full 30 minute segment embedded below) to discuss the current state of the bidding war for Warner Bros. Discovery (WBD), focusing on Netflix’s recently amended all-cash offer at $27.75 per share for WBD’s studios and streaming assets (including HBO and Warner Bros. Pictures) versus…
In this 18th edition, we reviewed 81 Q3 calls, an increase from 77. New additions include Kodiak AI, Serve Robotics, StubHub, Pony AI, and WeRide, with Paramount returning. EA was removed due to its pending acquisition, and MSG Sports was excluded for its semi-annual cadence, a reporting model we continue to support and continue to…
Here are our 13 key questions for Netflix management on tonight’s Q4 2025 earnings discussion (our Q3 2025 questions can be found here). 1) Why so confident in regulatory approval? Paramount continues to say your acquisition is anti-competitive both in the US and major international territories. Why are you so confident you can obtain regulatory approval…
Jim Dolan’s goal is to build a global network of Spheres of various sizes. To that end, we predicted SPHR would announce two “mini-Spheres” in 2026 (link). Over the weekend, the first announcement came: a 6,000-capacity venue located in Maryland’s National Harbor, expected to open in 2030 (link). The location is just a 15-minute drive…
Investors and industry execs continue to ask us why Paramount does not simply buy Warner Bros. and HBO, replicating Netflix’s accepted bid, rather than bidding for the entire Warner Bros. Discovery (WBD) that includes Discovery Global. A pretty logical/rational question, given that you do not see other legacy media companies in 2026 clamoring to buy…
The media industry is having a field day debating whether Paramount’s $30/share offer for all of Warner Bros. Discovery is superior to Netflix’s bid for Warner Bros. at $27.75/share for Studio & Streaming only, plus the value of a to-be-spun Discovery Global relative to the current valuation of newly spun-out Versant. Not only is Versant’s…
Welcome everybody to the 2026 edition of LightShed’s annual TMT predictions. Last year we culled the list to 17 predictions (click here), and our accuracy was a little better (listen to our recap here). With renewed confidence, we are re-expanding to 20 predictions this year. Of course, we missed the biggest 2025 event in our…
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