Squawk Pod Episode Summary

Episode Title: The Legacy of Reverend Jesse Jackson & the Future of WBD
Date: February 17, 2026
Hosts: Becky Quick, Joe Kernan
Notable Guests: Marc Morial (President & CEO, National Urban League), David Faber (CNBC)

Episode Overview

This episode of Squawk Pod delivers two main focal points:

1. The breaking news on the competitive bidding war for Warner Bros. Discovery (WBD), with Netflix and Paramount Skydance vying for control and boardroom intrigue hitting fever pitch.
2. A moving remembrance of Reverend Jesse Jackson’s legacy in civil rights and American politics, featuring reflections from Marc Morial.

The episode weaves in other newsworthy items as well, including the fallout from the Epstein files, military tensions with Iran, and cutting-edge struggles between AI and defense.

Key Discussion Points and Insights

1. Warner Bros. Discovery Takeover Saga: Paramount vs. Netflix

[09:55–20:24]

Paramount Skydance's Bid Challenge

• Becky Quick outlines the latest: Paramount Skydance has a seven-day window to submit a superior offer to Netflix's existing deal.
• Warner Bros. Discovery's board has set a special shareholder meeting for March 20th to vote on the merger with Netflix but is keeping the door open for a better offer from Paramount.
• Paramount recently added a "tickling fee" to its offer, signaling confidence in regulatory approval and readiness to sweeten the deal for shareholders.

Competitive Dynamics

• Joe Kernan: “It’s going to be an interesting seven days that should, that should conclude at least who is going to be the buyer here, not the antitrust side.” [07:49]
• Becky Quick describes this juncture as “a poop or get off the pot moment,” reflecting mounting pressure on Paramount to act decisively. [01:16, 12:19]

Analysis with David Faber

• Faber explains how Netflix retains the ability to match any improved bid Paramount might make, intensifying the chess match between the rivals.
• He dives into why shareholders and proxy advisors matter, and the board’s concerns over Paramount’s ability to actually close a leveraged buyout (LBO) given the state of cable assets:

  “One of the main concerns remains this overall LBO structure question... things could continue to decline to such an extent that when you got to close, this would almost not no longer be an ongoing entity.” [14:20]

• The possibility of further equity injections (possibly from Larry Ellison) is floated as a path to allaying these risks.

Market & Political Undercurrents

• Price isn’t the only factor—regulatory concerns and potential influence from the Trump administration are discussed, with suggestion that political relationships (such as with the Ellisons) may impact the process.
• Becky Quick muses on the unpredictable nature of the streaming/content industry:

  “I don't understand what new media is going to look like. I don't know if anyone does. So. Yeah. What? Oh, it's streaming. Oh, that's really great. You know, it's going to be some—I think it's content and it doesn't matter how it's delivered, does it?” [19:46]

• Joe Kernan reflects on Netflix's recent stock struggles and whether they will remain “disciplined” if the bidding escalates further:

  "I do wonder how disciplined Netflix will be if they're given the right to match..." [01:31, 16:44]

2. Remembering Reverend Jesse Jackson

[20:31–27:09]

His Place in History

• News breaks of Rev. Jesse Jackson’s death; Becky Quick and Marc Morial reflect on his crucial role as a link to Martin Luther King Jr. and the trajectory of civil rights activism.
• Morial highlights Jackson’s unique contribution: integrating civil rights into mainstream politics through his presidential campaigns in 1984 and 1988.

Noteworthy Quotes

• Marc Morial on Jackson’s cross-party and cross-sector influence:

  “Jesse's influence behind the scenes with politicians, not just Democrats, but Republicans and others. His influence with corporate America, not just in front of the camera but behind the scenes is not widely recognized and widely known.” [20:47 and elaborated at 23:38]

• On Jackson’s balancing act between challenge and diplomacy:

  “He was someone that challenged the status quo, but he was also very much a diplomat in understanding that to move the needle for equal opportunity and civil rights, you had to also be in dialogue with those that sometimes you disagree with.” [02:11, 25:45]

• Morial reflects on dialogue and bridge-building in politics:

  “The idea that in America we can be adversaries but not enemies. The idea that we can disagree but we have to continuously work to find common ground...” [25:45] “A giant oak tree has fallen.” [26:57]

3. Other Major Headlines

[01:52–06:37]

• US–Iran Nuclear Talks:
  The US and Iran are meeting in Geneva for nuclear discussions, with the US military preparing potential operations. President Trump is indirectly involved, with speculation about market betting on military action outcomes.

• Epstein Files Fallout:
  Thomas Pritzker (Hyatt) resigns after documents confirm contact with Epstein and Maxwell; Casey Wasserman faces reputation fallout but is retained for the LA Olympics. Becky Quick remarks:

  “Just every week. It's just the people that guy knew, it's just mind boggling. There's no one he didn't know.” [04:48]

• Anthropic vs. Pentagon:
  AI company Anthropic is resisting Pentagon usage of its Claude AI for surveillance and autonomous weapons, with business ties potentially being cut if it can't comply with military standards.

Notable Quotes & Memorable Moments

• Becky Quick on Paramount’s options:

  "Stop saying you're going to address these issues, come up with a better offer, or we're going to move ahead with this vote come March 20th." [12:15]

• Becky Quick on market betting:

  “It's weird to be able to bet on the outcome of war, on the outcome of whether there is... Who goes in to decide whether you get paid or not?” [03:44]

• Becky Quick on media speculation:

  “I don't know about the body language from the Trump administration… he’s pretty close with the Ellisons.” [11:26]

• Marc Morial summing up Jackson’s life:

  “He was masterful in many, many instances in doing that. And I think today in America, his 84 and 88 campaign and that it stood for this idea of bringing people together is something... he leaves a powerful legacy. A giant oak tree has fallen.” [26:53]

Timestamps for Important Segments

• [01:52] – US–Iran nuclear talks and military buildup
• [04:48] – Epstein files fallout and resignations
• [06:37] – Anthropic vs. Pentagon and military AI ethics
• [09:55] – Warner Bros. Discovery sale: bidding war latest
• [12:22] – Analysis and commentary with David Faber
• [20:31] – Remembering Jesse Jackson: with Marc Morial

Overall Tone and Style

The episode balances urgent, high-stakes business discussions with moments of reflection and candid humor. Quick and Kernan engage in lively, snappy banter, while guests like Faber and Morial bring depth and analysis. The tone is conversational yet incisive, with a blend of hard news and thoughtful perspective.

In Summary

This Squawk Pod episode is equal parts high-finance intrigue and historical remembrance. The hosts guide listeners through the intense, convoluted bidding for Warner Bros. Discovery (with Netflix and Paramount Skydance as central players), while pausing to eulogize Reverend Jesse Jackson—portrayed as both a firebrand and a diplomat. Elsewhere, headlines on geopolitics, scandal, and technology round out a news cycle where the old world and the future are colliding.