Bloomberg Businessweek: Trump’s Warner Bros. Meddling Pushes Limits of Executive Power

Date: December 11, 2025
Hosts: Carol Massar & Tim Stenovec
Featured Guests: Hannah Miller (Media Reporter, Bloomberg News), Lauren Goodwin (Chief Market Strategist, New York Life Investments), Jay Goldberg (Senior Analyst, Seaport Research Partners), Kat Chikalinsky (Bloomberg), Kathy Seiffert (CFR Research)

Episode Overview

This episode explores several key developments impacting media, executive power, and markets:

• Disney’s $1 billion partnership with OpenAI, signaling a bold new direction in the entertainment industry’s use of AI
• The evolving, high-stakes battle for Warner Bros. Discovery, including President Trump’s direct intervention regarding CNN and broader questions about government interference
• Dramatic leadership changes at Berkshire Hathaway as Greg Abel succeeds Warren Buffett, with implications for the company’s storied culture and investment approach
• Broadcom’s stellar earnings, its deepening AI ties, and the future of the semiconductor industry

Key Discussion Points & Insights

1. Disney, AI, and the Creative Economy

Guest: Hannah Miller (Bloomberg News Media Reporter)
Segment Start: 02:04

• Disney’s Big AI Move:
  Disney invests $1 billion in OpenAI, giving users access to iconic characters for generating social media-friendly videos, but with notable limitations on character voices:

  “You can’t use voice with any of these characters... But it is still a huge development and I know a lot of creatives in Hollywood are worried that, you know, they could be replaced.” — Hannah Miller (05:10)

• Hollywood Tensions:
  The move comes as Hollywood wrestles with labor unrest over AI’s impact:

  “The writers’ strike... was the core tension. Right. To what extent are these studios going to use AI... to replace us, to supplement us? Does this send a signal about how Disney views this technology to the creative class?” — Carol Massar (04:38)

• Brand Extension & Strategy:
  Disney’s action is both about tech-forward branding and futureproofing against being left behind:

  “They want a piece of the pie... Apart from the equity investment... what else does Disney get by doing this?” — Tim Stenovec (05:53, 06:09)
  “[Disney is] just yet another avenue to get people on board and show that they're a tech forward company, that they're willing to embrace the future and they're not going to be left behind.” — Hannah Miller (07:14)

• OpenAI’s Perspective:

  “Demand for Disney characters is off the charts.” — (attributed to Sam Altman via Hannah Miller quoting, 07:29)

Notable Quote:

“Even though this is a first step forward... a lot of creatives in Hollywood are worried that, you know, they could be replaced.” — Hannah Miller (05:10)

2. Warner Bros. Discovery Bidding, CNN & Executive Power

Guest: Hannah Miller
Segment Start: 08:00

• The Bidding War:
  Warner Bros. is the subject of a hostile takeover bid from Paramount; Netflix is also in play.

  “We're waiting right now. You know, Warner Brothers has 10 days to respond to that... hostile takeover bid from Paramount...” — Hannah Miller (08:14)

• Presidential Meddling:
  President Trump comments that, “any deal for Warner Brothers should include the sale of its CNN cable network” and wants CNN “under new leadership” (09:56-10:52).

  “The thing that President Trump emphasized is he wants to see CNN under new leadership than it currently has.” — Hannah Miller (10:21)

• Impact on the Deal:
  Trump’s stance might tilt the playing field toward Paramount, as Netflix only wants streaming/studios:

  “A lot of people in the industry interpreted that as better for Paramount.” — Hannah Miller (10:52)

• Conservative Shift in Media:
  Recent leadership changes at CBS (owned by Paramount), such as appointing Bari Weiss, have fuelled speculation about ideological shifts:

  “We've already seen changes at CBS... There's been a lot of talk about how that will affect programming.” — Hannah Miller (11:28)

• Market Sensitivity:
  Netflix shares have fallen notably over the deal speculation, reinforcing Wall Street’s skepticism:

  “Shareholders don’t love this... now it’s trading at $94 a share... Does that make Netflix think twice that shareholders are not loving this?” — Carol Massar (12:59)

Notable Quote:

“This is about him wanting new people in charge… better for Paramount.” — Hannah Miller (10:52)

3. Markets, the Fed, & the Neutral Rate

Guest: Lauren Goodwin (New York Life Investments)
Segment Start: 18:13

• Fed’s Rate Signal:
  Recent Fed meeting saw Jerome Powell acknowledge being in the range of “neutral” Fed funds rates:

  “I just really was not expecting Chair Powell to say we’ve reached a range of neutral estimates. So your guess is as good as mine.” — Lauren Goodwin (18:50)

• Market Implications:
  If rates move below 3%, could prompt curve steepening. Lauren notes the importance of market signaling:

  “If we get to that 3ish percent range... that's when I think we start to see the markets say no more and actually that Fed cuts become a problem for the long end.” — Lauren Goodwin (19:03, 20:19)

• Labor Market Dynamics:
  Despite a “soft patch,” no sign of mass layoffs; businesses remain cautious amid uncertainty.

  “What I'm not seeing from the labor market is like a big bearish concern. I'm seeing a wait and see.” — Lauren Goodwin (23:33)

• Inflation Outlook:
  Lauren expects manageable inflation but flags the risk factors seen in earlier U.S. inflation surges.

  “If you look at instances of real double peaks... all of them are possible in 2026. ...those are not worrisome conditions right now, but... that's an outside risk.” — Lauren Goodwin (24:54)

Notable Quote:

“Everything’s fine, nothing to see here. And I gotta be honest with you...” — Lauren Goodwin (22:08)

4. Berkshire Hathaway: The Post-Buffett Era

Guests: Kathy Seiffert & Kat Chikalinsky
Segment Start: 26:13

• The Big Transition:
  Greg Abel officially succeeds Warren Buffett; notable for a firm that’s long been synonymous with Buffett and Charlie Munger.

  “It's tough. It's big shoes for Greg Abel to fill... it's the end of an era. And we're going to… we've already started to see a little bit of signs of what's taking shape there.” — Kathy Seiffert (27:47)

• First Moves as CEO:

  • Appointment of a general counsel (previously lacking)
  • Departure of top stock picker Todd Combs for JP Morgan
  • Adjustments to management structure, potentially foreshadowing consolidation or changes in the famously decentralized approach

• Challenges Ahead:

  • Uncertainty about long-term investment philosophy and talent retention (Ted Weschler’s future, Ajit Jain’s retirement risks)

  “Todd leaving not only impacts the investment portfolio, but also some of the operating managerial talent at Geico. ...Does Ted Wexler stick around?” — Kat Chikalinsky (33:12, 33:16)

• Will the ‘Buffett Premium’ Persist?

  “The shares have been under pressure because the Buffett premium is sort of coming out…” — Kat Chikalinsky (36:36)

Notable Quotes:

“I think now we’re on the cusp of potentially some significant changes. I think some are good.” — Kathy Seiffert (28:50)
“The Buffett premium is sort of coming out of Berkshire Hathaway shares.” — Kat Chikalinsky (36:36)

5. Broadcom’s AI-Driven Earnings & Leadership

Guest: Jay Goldberg
Segment Start: 41:41

• Earnings Beat:
  Broadcom’s Q4: $18.02B in net revenue (over $17.47B expected), $9.5/share EPS, first quarter revenue guidance also above estimates (19.1B vs 18.48B expected)

  • Stock up in after-hours trading

• AI Momentum:

  “We see the momentum continuing in the first quarter and expect AI semiconductor revenue to double year over year to 8.2 billion, driven by custom AI accelerators and Ethernet AI switches.” — (Press release via Tim Stenovec, 43:51)

• Customer Concentration Strategy:
  Broadcom’s focus is on serving a few giant customers, as in its relationship with Apple for wireless and now Big Tech for AI chips.

  “The Broadcom model for his entire tenure has been focus on the sort of the biggest customers and just service them extensively.” — Jay Goldberg (49:39)

• Leadership Stability:

  • CEO Hock Tan’s contract extended through 2030, reassuring markets

  “He has been instrumental in making this company what it is... I don't think he's doing it for the money. I think he's just having too much fun and he's going to stay with it until 2030.” — Jay Goldberg (48:36)

Notable Quotes:

“Back a year ago, nobody thought Broadcom had an AI story. And... people realized... they have an AI story, but it’s a massive story.” — Jay Goldberg (46:05)

Memorable Moments

• On Hollywood and AI:

  “What if they have like Mickey as like a slasher dude or something? Like, are they okay with that?” — Tim Stenovec (03:41)

• On Succession at Berkshire:

  “It's tough. It's big shoes for Greg Abel to fill. ...the Buffett premium is sort of coming out of Berkshire Hathaway shares.” — Kat Chikalinsky (36:36)

• On Trump’s Meddling:

  “The thing that President Trump emphasized is he wants to see CNN under new leadership than it currently has.” — Hannah Miller (10:21)

Timestamps for Major Segments

• 02:04 — Disney, OpenAI, and the new creative economy (Hannah Miller)
• 08:00 — Warner Bros. battle & Trump’s CNN intervention (Hannah Miller)
• 18:13 — Markets and Fed’s direction (Lauren Goodwin)
• 26:13 — Warren Buffett succession: what’s next for Berkshire (Kathy Seiffert, Kat Chikalinsky)
• 41:41 — Broadcom’s results, AI, and chip sector insights (Jay Goldberg)

Conclusion

This episode navigates the confluence of technology, business strategy, and government influence across the media and financial landscape. From Disney’s big AI investment and the ongoing instability in Hollywood, to the aggressive bidding for Warner Bros. and a striking presidential intervention, the episode underscores how executive power and market forces are colliding in unprecedented ways. Leadership transitions at iconic companies and booming tech earnings round out a lively, insightful discussion for anyone wanting to understand the latest forces shaping today’s economy and media sphere.