Podcast Summary: CNBC’s "Fast Money"

Episode: The Battle For Warner Brothers Discovery… And The Outlook For Banks In 2026
Date: December 22, 2025
Host: Melissa Lee
Notable Guests: Guy Adami, Steve Grasso, Dan Nathan, Julie Beal, Mel Bevis, Michael Burns (Lionsgate Vice Chairman), Chris McGrady (KBW Head of US Bank Research), Deirdre Bosa (CNBC), Julia Boorstin (CNBC)

Episode Overview

This episode dives into two headline themes:

1. The escalating takeover battle for Warner Brothers Discovery, focusing on major new moves from Paramount-Skydance and Netflix amid the evolving importance of content in the streaming and AI era.
2. The banking sector’s prospects heading into 2026, with a particular spotlight on Citi, regional banks, and the small-cap landscape.

Alongside these focal points, the panel covers record moves in gold and silver, Alphabet’s $5B data center acquisition, Tesla’s new highs and strategic developments, and actionable small-cap picks for 2026.

1. The Warner Brothers Discovery Takeover Battle

Segment begins at [00:46]

Key Developments

• Paramount-Skydance Bid: Strengthened offer at $30/share, with Larry Ellison (Oracle founder and Skydance CEO David Ellison's father) personally guaranteeing $40 billion in equity financing.
  • The Ellison commitment comes amid recent shareholder skepticism about the solidity of the Skydance bid.
  • Paramount shares up over 4%, Warner Bros. Discovery up 3.5%.
• Netflix's Countermove: Previously reached terms to buy Warner's film/streaming assets for $83B. Shares fell over 1% on possible deal defeat and additional debt risk.

Panel Perspectives

• Content’s Value in an AI World:

  • “The importance of content in an AI world is really coming to the forefront and to me that's what's exciting.” — Guy Adami [02:44]
  • “If they can't build out the [AI] world, I'm not sure what the content is going to be worth.” — Mel Bevis [03:56]

• Deal Dynamics & Regulatory Outlook:

  • Netflix’s lack of TV stations means fewer regulatory hurdles; Paramount needs FCC approval.
  • “It’s never been in [Netflix’s] history to be very acquisitive... It makes sense... but it did feel out of left field.” — Julie Beal [05:09]
  • “How hath no fury like a father whose son’s multibillion-dollar offer has been scorned...” — Julie Beal [05:26]

• Market Reactions:

  • “Netflix declining on the thought that it might lose this... does this signal a lack of growth opportunities?” — Guy Adami [04:49]
  • “I like [Netflix] more without the deal.” — Dan Nathan [06:13]
  • “If they do win this and overpay... take out a bunch of debt, what does it mean for the company going forward? Huge distraction.” — Mel Bevis [06:55]

Special Feature: Michael Burns, Vice Chairman, Lionsgate

Interview begins at [07:51]

• Industry Impact:
  • “Validating the value of premium content... I think it’s good for both [Paramount and Netflix].” — Michael Burns [08:14]
  • On strategic deals: “There’s a lot of value to what we have to a lot of different companies, which is scale, particularly on the library with premium content.” [08:42]
• Private Equity Interest:
  • “The strategic alliances... could pay higher prices than private equity because of the synergies.” [11:10]
• Lionsgate's Position:
  • “We’re now back to... a pure play content company, which we think is the right place to be right now.” [09:17]
  • “We are really focused on making sure... we’ve battened down the hatches and gotten to a place... with the right projections of earnings in all businesses... the gift that keeps on giving, which is the crown jewel, which is our library.” [16:14]
• Memorable Anecdote:
  • “I said that we were a benevolent arms dealer... That’s a really good place to be.” [12:53]

2. Market Moves: Gold, Silver, and Diversification

Discussion begins at [18:44]

Key Points

• Record Highs: Gold and silver posts their best years since 1979. Mining shares surge.
  • “Gold really has no industrial use and silver does... Silver can go probably much higher than people think.” — Steve Grasso [18:59]
  • “The core reason to be long gold has not changed. As a matter of fact, I think it gets more bullish... Keep an eye on what’s going on in Japan.” — Dan Nathan [19:26]
• Asset Divergence:
  • “The stock market makes highs and gold’s making new highs... something’s amiss here — two different messages...” — Mel Bevis [20:04]
  • “Bitcoin is not the level of diversification people were hoping for. Gold seems to really be that place.” — Julie Beal [20:40]

3. Mega Tech Infrastructure: Alphabet’s $5B Data Center Power Deal

Discussion begins at [22:23]

• Alphabet Acquires Intersect: $5B for energy/data infrastructure as part of strategy to secure power for AI/compute growth (vertical integration).
  • “This is Alphabet doing what it does best: vertical integration, moving upstream to secure its own supply.” — Deirdre Bosa [22:40]
  • There’s a looming US power shortage for future data center expansion—other hyperscalers expected to follow suit.
• Analyst Take:
  • “It gives [Alphabet] the ownership... they’re not relying on the US grid at all. They'll be able to sell power to others as well.” — Steve Grasso [25:14]
  • “It’s inflationary. I think the market’s going to realize that in ’26.” — Dan Nathan [25:28]
  • “It’s the most relevant gating factor to the broader expansion of generative AI. It’s not that easy to make the power happen.” — Julie Beal [26:18]

4. Tesla Hits New Records Amid Strategic Shifts

Segment begins at [28:30]

• Record Run: Stock up 21% YTD, more than doubled since April. Court reinstates Elon Musk’s $138B pay package.
  • “The auto business is like an afterthought at this point... there’s a lot of optionality or upside, you know, to this story right now.” — Mel Bevis [29:00]
• Future Bets: Robotaxi, AI, Optimus, but tangible product rollouts (e.g., robot battery life, happening at scale) are still years away.
  • “It would be surprising to me because we are pretty decoupled from the fundamentals.” — Julie Beal [29:52]
  • “All-time high today... Tesla for all those that said, ‘It’s not a car company,’ they were right... the car company is clearly a loss leader.” — Dan Nathan [30:49]
• Competitive Landscape:
  • “Ford and GM both have pulled back completely from EVs... Tesla could actually go higher from here.” — Steve Grasso [29:36]

5. Bank Stocks and the 2026 Financial Outlook

Segment begins at [32:19]

Guest: Chris McGrady, KBW

• Citi as Top Pick: Undergoing a multi-year turnaround. Exiting non-core geographies, improving ROE from bottom-tier towards average. Upside as it closes the gap on valuation peers.
  • “You can make a lot of money going from bottom tier to average.” — Chris McGrady [33:10]
• Bank Valuations/Deregulation:
  • Consensus that further capital returns (buybacks, dividends) not yet fully priced in.
  • “Investor days have been the topic of du jour... Citi’s will lay out the path to higher returns.” [34:48]
• Regional Banks:
  • “Selective would be the word... They’re making a lot of money, building really great competitive companies through acquisitions... But we are selective.” — Chris McGrady [35:37]
  • Top Regional Pick: Citizens Bank.
• AI and Banking:
  • “JP Morgan spending $18B on technology this year... Technology over time is going to continue to support operating leverage.” — Chris McGrady [37:14]
• Panel Reflection:
  • “The rerating of Citi will continue in ’26 and more people are going to realize that Jane Fraser has done a remarkable job there.” — Dan Nathan [38:25]

6. Small Caps in 2026: Outlook & Expert Picks

Segment begins at [38:56]

Panelist: Julie Beal

• Backstory: Small caps recently outperformed, especially non-earners (biotech, quantum), creating headaches for active managers.
• 2026 Outlook:
  • “Setup for 2026 is more favorable for small cap than it is for large cap and mid-cap.” — Julie Beal [39:28]
• Top Picks:
  • Ollie’s: Discount retailer excelling across income segments.
  • Lemaitre: Healthcare firm with innovative vascular products and strong margins.
  • Mollis: Investment bank with standout talent; benefitted from Netflix-Warner Bros. negotiations.

7. Nasdaq as a Tech Stock, Not Just an Exchange

Discussion begins at [41:56]

• Performance: Nasdaq stock at all-time highs, outperforming other exchanges.
  • “It’s not just an exchange, it’s a technology company. And people are just starting to see that.” — Dan Nathan [42:34]
  • “Nasdaq, this was the year for them with AI spend and technology stocks doing very well.” — Steve Grasso [43:05]
• Competitive/Ecosystem Note: CME’s partnership with FanDuel signals innovation and product expansion.

8. Notable Quotes & Memorable Moments

• “How hath no fury like a father whose son's multibillion-dollar offer has been scorned.” — Julie Beal [05:26]
• “[Lionsgate] is now back to... a pure play content company, which we think is the right place to be right now.” — Michael Burns [09:17]
• “The importance of content in an AI world is really coming to the forefront...” — Guy Adami [02:44]
• “Tesla, for all those that said ‘it’s not a car company,’ they were right.” — Dan Nathan [30:49]

9. Final Trades & Quick Pitches

Summary of end-of-show trades [44:29]

• Julie Beal: Favors regional banks; especially keen on software providers like nCino.
• Steve Grasso: If Paramount-Skydance loses Warner Bros., look for their next acquisition.
• Mel Bevis: Likes Lionsgate; Suggests fading Novo’s move after Wegovy news; Snap could have an AI moment in 2026.
• Dan Nathan: Calls out Bristol Myers (BMY) as interesting.
• Guy Adami: Emphasizes ongoing strength in Bristol Myers and the continued positive rerating for Citi.

Timestamps for Key Segments

• [00:46] Warner Bros Discovery/Paramount-Netflix bidding war and content landscape
• [07:51] Michael Burns (Lionsgate) interview
• [18:44] Record highs for gold, silver, and diversification (crypto, metals)
• [22:23] Alphabet’s Intersect acquisition and infrastructure issues
• [28:30] Tesla stock, Elon Musk’s pay, and future bets
• [32:19] Banking sector and Citi/regionals outlook (Chris McGrady)
• [38:56] Small-cap outlook and stock picks for 2026 (Julie Beal)
• [41:56] Nasdaq as a tech play
• [44:29] Final trade segment

Tone and Style

The episode features CNBC's signature banter — fast-paced, sharp, and jargon-laced — with regular panelist ribbing and playful quips, but is rooted in actionable analysis for traders and investors.

For a deeper dive or more actionable ideas, check out: http://fastmoney.cnbc.com