Podcast Summary

Podcast: Hoy por Hoy

Episode: La economía de Hoy por Hoy | Así es la batalla entre Netflix y Paramount por hacerse con el control de Warner: una de las guerras más caras de la historia
Host: Àngels Barceló (with economic analyst Jordi Fábrega)
Date: December 9, 2025

Episode Overview

This episode focuses on the intense corporate battle between streaming giants Netflix and Paramount over the acquisition of Warner Bros. and its assets, including legendary film studios and the HBO platform. The discussion examines the sequence of events, implications for the industry, potential effects on moviegoers and creators, as well as the political and regulatory landscape surrounding the historic deal.

Key Discussion Points & Insights

1. The Initial Agreement: Netflix Moves First

• Netflix announced on Friday an agreement to acquire Warner Bros. studios and HBO for $83 billion (approx. €72 billion), securing rights to globally recognized content such as "Friends", "The Big Bang Theory", "Casablanca", and "Chariots of Fire".
• Quote:

  "Todo se desencadenó el viernes cuando Netflix anunció un acuerdo con Warner para comprar sus estudios de cine... y comprar también su plataforma de streaming HBO. ¿El precio? 83.000 millones de dólares que son 72.000 millones de euros."
  (Jordi Fábrega, 00:42)

2. Paramount's Hostile Counter-Offer

• Paramount, after having its initial offer rejected, escalated matters by launching a hostile takeover bid to acquire all of Warner—including its film studios, HBO, and TV channels (CBS, CNN, MTV, Discovery Channel, TNT, Comedy Central, etc.)—for $108.4 billion (€93 billion).
• Quote:

  "Paramount... ha decidido revolverse y lanzar una OPA hostil para comprar no sólo los estudios de cine sino toda la compañía, toda Warner..."
  (Jordi Fábrega, 01:39)

3. Who Has the Advantage?

• Netflix currently holds a signed agreement. If Warner backs out, it owes Netflix a $3 billion break-up fee. However, Paramount’s offer is larger and more comprehensive.
• Quote:

  "Si Warner se echa atrás y no vende a Netflix tendrá que indemnizar con casi 3 mil millones de dólares a la plataforma."
  (Jordi Fábrega, 02:34)

4. Industry Concerns: The Future of Cinema

• Critics, including director James Cameron, warn that Netflix’s potential control might threaten the traditional film industry model—dictating whether new releases go directly to streaming instead of theaters.
• Quote:

  "James Cameron... decía literalmente que la compra por parte de Netflix sería un desastre."
  (Jordi Fábrega, 03:21)

5. The Political & Regulatory Dimension

• Paramount may enjoy an advantage in regulatory approval due to its close ties with the White House (via Jared Kushner’s investment fund and the Ellison family, who run Paramount).
• Quote:

  "La familia Ellison, que son los que gestionan Paramount, son muy cercanos a la Casa Blanca y presumen de que su oferta puede obtener luz verde de los reguladores más fácilmente que la de Netflix.”
  (Jordi Fábrega, 03:44)

• David Ellison, Paramount’s president, markets their offer as “pro-Hollywood, pro-consumers, y que tiene más certidumbre regulatoria.” (04:00)

6. What Happens Next?

• Paramount has given Warner shareholders until January 8 to decide. The atmosphere is tense as the industry awaits Warner’s response: maintain the Netflix agreement or switch to Paramount’s offer.
• Quote:

  "Paramount quiere resolverlo en un mes. Es el plazo que ha dado a los accionistas y a los propietarios de Warner para que decidan si aceptan su oferta. Tienen de plazo hasta el 8 de enero.”
  (Jordi Fábrega, 04:19)

Notable Quotes & Memorable Moments

• "Eso puede acabar con el cine tal como lo conocemos, avisan voces del cine, como la del director James Cameron."
  (Jordi Fábrega, 03:00)

• "Pues veremos cómo acaba este negocio. Mil millonario."
  (Àngels Barceló, 04:45)

Segment Timestamps

• 00:00 – Introduction to the episode and topic
• 00:39 – Timeline and details of the initial Netflix agreement
• 01:23 – Netflix's motivations, CEO Ted Sarandos’s statement
• 01:39 – Paramount’s hostile counter-offer and scope
• 02:28 – Discussion on who has the advantage: Netflix's agreement vs. Paramount's offer
• 03:00 – Concerns from the film industry and James Cameron’s remarks
• 03:22 – Political factors and potential regulatory favoritism towards Paramount
• 04:15 – Paramount’s schedule for resolution and what happens next

Conclusion

This episode dissects one of the highest-stakes corporate battles in media history with sharp economic and cultural analysis. The hosts highlight the potentially transformative impact on Hollywood and global entertainment, emphasizing that much more than money is at play—the future of how we experience movies and streaming content could be at stake, awaiting Warner's pivotal decision.