Bloomberg Talks Wachtell Lipton Rosen & Katz Partner Andrew Nussbaum Talks Warner Bros. Sale, Netflix
Feb 4, 2026
Mark Boydman, Solomon Partners media M&A lead, shares deal-financing and market perspective. Andrew Nussbaum, Wachtell Lipton partner and Warner advisor, explains the sale process and regulatory strategy. They discuss why Netflix prevailed, the importance of speed and certainty, Paramount’s constraints, regulatory scrutiny, and how a major deal would reshape the media landscape.
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Netflix Won Through Speed And Certainty
- The Netflix bid emerged from a broad, competitive process and was judged superior by Warner Bros.' board.
- Andrew Nussbaum says the deal delivers speed, certainty, and substantial shareholder value immediately.
Prioritize Speed And Certainty
- Prioritize speed and certainty when evaluating large media deals.
- Mark Boydman advises that buyers with cash and a clear balance sheet are more attractive to shareholders.
Deal Structure Delivers Immediate Shareholder Value
- Warner's package to shareholders includes $27.75 in cash plus a spun-off Discovery Global linear network company.
- Andrew Nussbaum says shareholders have seen more than 120% value increase since last September and are pleased.