Podcast Summary: The 47 Morning Update with Ben Ferguson

Episode: Netflix Goes All-In as Foreign Money Targets Paramount
Date: February 14, 2026
Host: Ben Ferguson
Guest: Cleet Williams (Chief Global Affairs Officer, Netflix)

Overview

In this episode, Ben Ferguson dives deep into the brewing battle over the future of American media, focusing on new mergers and acquisitions involving Netflix, Warner Brothers Discovery, Paramount, and Skydance. The conversation spotlights national security concerns, the impact on American jobs, and the influence of foreign capital in Hollywood. Guest Cleet Williams from Netflix provides inside perspective on the motivations behind Netflix's merger, its commitment to American industry, regulatory implications, and addresses conservative concerns about content and company culture.

Main Discussion Points

1. The Netflix–Warner Brothers Discovery Deal vs. Paramount–Skydance Bid

• National Security and Economic Concerns:
  Ben frames the episode by situating recent Hollywood mergers as a matter of "national security," job protection, and potential foreign influence ([03:09]).
• Netflix’s American Expansion:
  Cleet emphasizes Netflix's rapid growth within the US, with filming in all 50 states, over 140,000 production jobs created, and $225 billion in economic output ([04:34]).
• Contrast with Foreign-Backed Bids:
  Both Ben and Cleet voice alarm at the Paramount–Skydance merger, specifically the large injection of Middle Eastern capital, which they see as a risk to US interests ([08:10]–[08:46]).

2. Economic Impact & Investing in America

• Domestic Investment Highlight:
  Cleet describes Netflix's new $1.2 billion studio at Fort Monmouth, New Jersey—a symbol of reclaiming American industrial assets for high-value creative work ([04:34]).
• Comparative Job Strategies:
  Cleet asserts that while Netflix is growing jobs, the Skydance–Paramount deal is eliminating them (e.g., 3,500 jobs recently cut), and conflates "synergies" with future job loss ([06:58]).

3. Regulatory and Geopolitical Implications

• American Dollars vs. Foreign Equity:
  Cleet asserts:
  “Netflix is an American deal with American dollars. And the Paramount deal...has more equity from the Middle east than the United States.” ([08:10])
• CFIUS Review & European Concerns:
  Foreign control would trigger CFIUS (Committee on Foreign Investment in the United States) scrutiny and potentially run afoul of EU sensitivities, especially concerning foreign ownership of influential news channels ([08:46]).

4. Misconceptions About Netflix’s Business Model

• Netflix as Content Commissioner—not Just Producer:
  Ben raises the misconception that Netflix only produces its own content, while Cleet clarifies that Netflix outsources significant content creation, and the merger is about complementing strengths with Warner Brothers’ 100-year legacy ([09:36]–[10:06]).
• Vertical vs. Horizontal Mergers:
  Cleet distinguishes between a “vertical merger” (Netflix–Warner) and a “horizontal merger” (Paramount–Skydance), warning the latter will lead to redundant assets and job cuts, while the former expands the industry and consumer value ([10:06]).

5. Cultural & Ideological Concerns—Programming and Diversity of Viewpoint

• Conservative Skepticism:
  Ben directly addresses the widespread conservative critique that Netflix favors “left and woke type programming” and worries about viewpoint diversity if Netflix gains market power ([11:56]).
• Cleet’s Rebuttal and Personal Example:
  Cleet, identifying as a conservative and former Trump White House staffer, explains:
  “Our mission at Netflix is to entertain the world and to run a profitable business...we need to provide something for everyone all across the spectrum, whether you’re left, right, center.”
  He points to the diversity of Netflix’s offerings and references "Cobra Kai" as embodying traditional/conservative values ([12:43]).
• Free Speech Defense:
  Cleet cites the Dave Chappelle controversy to emphasize that Netflix supports content regardless of political pressure:
  “There have been times in the past where we have had folks on the left who have wanted to cancel us...and we stood up for it and we said, no, we’re not going to pull that down, we don’t censor.” ([13:35]) He also notes that Netflix is not available in China because of its stance on censorship.

6. Personal Assurance and Closing

• Conservative Leadership at Netflix:
  Ben expresses comfort knowing a fellow conservative is in a leadership role at Netflix:
  “I find that comforting to know I have an ally or a friend there that’s looking out for my interest and my family’s interests as well.” ([14:22])

Notable Quotes & Memorable Moments

• On Foreign Ownership Concerns:
  “Paramount has more equity from the Middle east than the United States.”
  – Cleet Williams ([08:10])

• On Job Creation:
  “We’ve tripled our workforce in the last couple of years and we are now filming in all 50 states in the United States...supported 140,000 production jobs.”
  – Cleet Williams ([04:34])

• On Netflix’s Ideological Stance:
  “Our mission at Netflix is to entertain the world and to run a profitable business...we need to provide something for everyone all across the spectrum, whether you’re left, right, center.”
  – Cleet Williams ([12:43])

• On Free Speech and Censorship:
  “We stood up for [Dave Chappelle] and we said, no, we’re not going to pull that down, we don’t censor. And look, that’s the same reason we’re not in China.”
  – Cleet Williams ([13:35])

Key Timestamps

• [03:09] – Episode introduction, national security and Hollywood mergers context
• [04:34] – Cleet Williams on Netflix’s US investment, job creation, and new studios
• [06:58] – Discussion of foreign capital in Skydance–Paramount deal and US job losses
• [08:10] – American Finance vs. Middle Eastern Equity
• [09:36] – Misconceptions about Netflix’s content production role
• [10:06] – Vertical (Netflix–Warner) vs. Horizontal (Paramount–Skydance) mergers
• [11:56] – Conservative concerns about Netflix programming
• [12:43] – Cleet Williams on content diversity, free speech, and company values
• [14:22] – Ben’s personal comfort with conservative leadership in Netflix

Tone and Language

The conversation is frank, nationalistic, and appeals directly to conservative listeners. Ben Ferguson positions the discussion as a matter of “America first,” while Cleet Williams underscores Netflix’s American roots, industry leadership, and respect for broad ideological diversity. Both are outspoken about the dangers of foreign influence and critical of job losses associated with non-American leadership and capital.

Summary prepared for listeners who value concise, detailed insight into the episode’s arguments, personalities, and policy implications.