Channels with Peter Kafka "Neither Side Is Used to Losing." Lucas Shaw on What’s Next for Netflix and Paramount in the Battle for Warner Bros.
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Dec 17, 2025 
Lucas Shaw, Bloomberg's senior media reporter, dives into the intense clash between Netflix and Paramount over the future of Warner Bros Discovery. He explains why this moment marks a pivotal shift in Hollywood dynamics and discusses the roles of Trump and Middle Eastern financing in the mix. The duo also explores the competitive edge each company needs, regulatory challenges, and potential fallout from a merger. Plus, they tackle the rising influence of AI in filmmaking and its impact on production jobs, ending with Shaw's top cultural recommendations.
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Different Deals, Different Regulatory Risks
- Both potential deals (Netflix or Paramount) would attract scrutiny; each has distinct regulatory issues.
- Paramount raises CFIUS/foreign-money flags while Netflix raises concentration/market-power concerns.
$24B Of Middle Eastern Financing Raises Flags
- Paramount's bid relies heavily on $24B from Middle Eastern sovereign funds, which complicates approvals.
- Lucas Shaw notes Warner may have worried this would invite extra scrutiny or instability in financing.
Industry Resentment Targets Netflix, Not Foreign Money
- Hollywood's backlash favored Netflix because the industry perceives Netflix as an immediate, tangible threat.
- Lucas Shaw explains workers feel Netflix's impact daily, unlike distant foreign owners.