B (5:25)

We put the company in play. Yes, we, you know, which, again, we don't think was particularly taken. Well, no, I think that actually starts you off on a potentially bad foot when you're making an unsolicited bid for a company. But look at what we did with our last offer. We literally submitted $30 a share in cash. Never got a phone call, never got a single markup of basically our merger agreement. Never got a response. And that's why we're here today. We're here to finish, to make sure that we can take directly to shareholders the offer that we sent to the board. So you never got a response from that last. Not one.

A (5:55)

Okay, so here's the story. Warner Brothers was not even on the market, like, publicly. They weren't trying to sell. Then the Ellisons and Paramount say, we want to buy you. They don't get a response. Then out of nowhere, news of a sale starts. You know, bubbling rumors are happening, and boom, Netflix has an offer that has been accepted. That is why the Ellisons were so angry. That is why they are trying to redeem themselves. And because Warner Brothers never responded officially, because they did not redline their agreement. They just went with Netflix. Ellison and his company are now going nuclear. And they are saying, we are making this an offer that you cannot refuse. We're not just going to the board, we are making this public. We are showing everybody what we offered you. And in their press release they wrote this. This is just like hilarious to me. They said, despite Paramount submitting six proposals over the course of 12 weeks, Warner Brothers Discover never engage meaningfully with these proposals which we believe deliver the best outcome for Warner Bros. Discovery shareholders. Paramount has now taken its offer directly to shareholders and its board of directors to ensure that they have the opportunity to pursue this clearly superior alternative mic drop. I mean that is so petty and dramatic. It's incredible. And to me a lot of this seems like pride. Larry and David. That's funny. Larry David, sad.

B (7:05)

Very sad.

A (7:06)

They did not like that their offer was overlooked and outright rejected very publicly. So Larry sent his son David back in there to cause a scene and make it right, to show that they were dominant. And guys, they had to pull out the big guns to make this work. And this is where we should all kind of start to get a little concerned. This isn't just fun and games anymore. Now this is really impacting us because the money involved in that $108 billion offer, it's not just coming from Paramount skydancing Ellison family. It is also coming from Saudi and Qatari sovereign wealth funds, AKA their government run funds. Also the government run fund from Abu Dhabi and what do you know, Jared Kushner's investment company. So now Trump's son in law is literally involved. So to sum that up, the way that I see it, the Middle east is trying to buy Warner Brothers and the entire entertainment industry. And so suddenly Susan Rice being on the board of Netflix does not seem as scary or exciting. Somebody said, man, this is crazy. HBO should make a show about a billionaire media tycoon family trying to buy another media conglomerate and highlight all the behind the scenes drama. Wow, imagine that guys are talking about succession. It's a really good show. You should watch it. You will get even more insight into what is going on here. But back to the point. We do have to contend with the options here because we have progressives who hate America, who want to indoctrinate our children, who are in bed with the Obamas, who want to turn the film industry into streaming. Or we have a growing media conglomerate funded by governments in the Middle east who promised that they will have no decision making power if this deal goes through. I don't know if I believe that because money does talk, but that is at least what they are saying, anyway, I'm tired, it's a lot to take in. But let's go back to this offer from Paramount because they are not just trying to put please the stakeholders with a bigger offer. They're also targeting the consumers, the people online that we talked about on Saturday who are incredibly angry at the prospect of Netflix taking over. In that same press release they wrote, Ellison continued, we believe that our offer will create a stronger Hollywood. It is in the best interest of the creative community, the consumers and the movie theater industry. We believe that they will benefit from the enhanced competition, the higher content spend and the theatrical release output and a greater number of movies in theaters will result in our proposed transaction. We look forward to working together to deliver this opportunity so that all stakeholders can begin to capitalize on the benefits of combined company. And honestly, like all foreign governments aside, if it just came down to the creative between these two companies, I am going with Paramount over whatever the F this is that was going viral today. This is a real movie from Netflix that is coming in just a few days. A trans woman dreams of working in the coal mines, but in a town steeped in superstition and patriarchy, Carlita must fight to earn her place underground. Trans coal mining. Great. Like the jokes basically write themselves. I'm choosing Paramount if it comes down to justice. Moving on from that, they all are wanting to appease the viewers because they doubled down on their promise to protect the film industry and the movie going experience with the theaters, which does seem like a direct dig at the Netflix CEO who, remember we talked about this on Saturday, basically said movie theaters are done. Streaming is king. The dream of getting your film into a big theater, that's done, that isn't real anymore. Somebody tweeted and said, bro, Paramount dropping 30 plus theatrical releases while swinging at Warner Bros. This isn't just a takeover. It's chaos level Hollywood flex energy, streaming theaters and corporate war all colliding. Absolute blockbuster power. Vibes like this is the movie magic. If you want to save Hollywood, make this into a movie. Let's just take Succession. Oh gosh, well then that would just be like a remake of Succession. No, we have to make it completely different. Anyway, you get what I'm trying to say. Put another gay diverse woman in it. Make it more fucking lame. The point is new life has been breathed into this whole ordeal and it is now getting even more political because you have the left wing propaganda arm of Netflix and now you have Trump's old and close friend and ally Larry Ellison fighting for his shot. And because of that, you have people picking sides in this whole drama based on these perceived political implications. And the stakes are now even higher due to the fact Paramount is saying, we also want to buy cnn. These networks are in play. And this is something that David directly addressed in that CNBC interview. Just watch.

B (10:49)

We want to build a scaled new service that is basically fundamentally in the Trust business, that is in the truth business. And that speaks to the 70% of Americans that are in the middle. And we believe that by doing so, that is for us kind of doing well while doing good. And we believe in that business model and we believe it's essential.

A (11:07)

I mean, that objectively sounds great. You know, truthfulness and honesty and speaking to the largest portion of Americans through fact based reporting, like all of that sounds great. And a lot of people, especially on the right, are very excited about this. For example, Clay Travis, who I think is wonderful, he tweeted this and he said, if you are a Trump voter, you want Paramount to buy Warner Brothers. Paramount would restore some form of sanity to CNN as part of their purchase and Netflix would lead to further far left wing media consolidation. And then he replied to his own tweet and said, there are also major antitrust issues at play too with the Netflix acquisition. So if, like me, you support the marketplace of ideas, ideas, Paramount will produce a more diverse slate of media perspectives and content than Netflix will. Okay, but here's my question. Aren't there antitrust issues with Paramount Skydance as well? Like, Netflix is not the only or just the bad guy here. Like, it might not be the same antitrust issues as Netflix absorbing their direct streaming competitor and making a monopoly, but what about the entire media conglomerate that the Ellisons are building? Like, I'm sorry, but the only monopoly I'm in favor of is the good ranchers monopoly. Because their stakes are just that good. And them dominating our meat industry means supporting hundreds of local family farms across the country that have spent years getting pushed out by big commercial farms and foreign companies. And that is why I'm a fan of good ranchers and that is why I'm gifting them this holiday season. Because when that box of good ranchers goodness shows up on somebody's doorstep, it is more than just 100% American raised meat. It is a dedication to our country and our ranchers that keep us running every single day. Every good rancher's box is filled with high quality beef, chicken, pork or seafood sourced from local farms, hand cut by master butchers and delivered right to your door. And that simplicity and those Pre portioned cuts mean less time shopping, less prep, and more time enjoying the people you love over a meal. And gifting could not be easier. You can send a box straight to somebody's doorstep or schedule a digital surprise with a custom note. It's thoughtful, it's simple, and it's guaranteed to be enjoyed. This holiday season, skip the forgettable gifts and give something that everyone remembers. Visit goodranchers.com and use my code Brett for $40 off your first order. Plus, when you subscribe, you will get free meat for life. You'll be able to choose from chicken thighs, wagyu burgers or bacon for every single box. Again, that is goodranchers.com, code Brett at checkout goodranchers.com, let's get back to the table. Now, speaking of gift giving, make sure that you guys remember Preborn. This Christmas season, through our partnership with Preborn, we can help save babies and support mothers in need. And every day, Preborn's clinics from around the country rescue hundreds of babies through the power of free ultrasounds, which double the chance that a mom will choose life. And when she does, preborn is there every step of the way. They are there to help her with the financial support with getting diapers and car seats and counseling for up to two years after that baby is born. This is the type of care that makes motherhood possible. And this year alone, over 38,000 babies have been saved thanks to preborn. And you can play a role by donating. Today, just $28 covers an ultrasound, which again doubles the chance that a mom will choose life. I think that's a pretty good deal for $28. Just go to preborn.com Brett twogive again, that is preborn.com Brett all right, now back to Clay Travis Tweet. This is kind of where I disagree with conservatives on this issue because a lot of people are celebrating Paramount's offer. They're saying Woke is dead. There's gonna be no more Woke. There's gonna be no more fake and gay and transes on Netflix. It's gonna be so amazing. And then also there's antitrust issues with Netflix. But here's the thing. If the argument is about anti monopoly and pro marketplace of ideas, then I think there are obviously also concerns with Paramount's bid. And a free marketplace of ideas is not just having somebody on your team who's a friend of Trump's. Owning a bunch of companies and controlling narratives like that does not seem consistent to me in the slightest. Anyway, moving on from that there are, in fact, very serious regulatory concerns. And so this deal, just like the Netflix one, does have to go through Trump and the DOJ and the ftc. And this, my friends, is where the other drama comes into play. Because with Trump, there will always be drama. And this weekend, everyone was kind of laughing and pointing the finger at Netflix because sources close to Trump were saying, yeah, we don't really think this deal is gonna fly. I talked about that in the episode on Saturday. You can go back and watch. They were saying they don't think it's gonna go through. And then at a Kennedy center event on Sunday night, Trump even hinted at that himself. Just take a watch.

B (14:57)

Should they be allowed to buy Warner Brothers?

C (15:00)

Should Netflix? Well, that's the question. They have a very big market share. And when they have Warner Brothers, you know, that share goes up a lot. So I don't know. That's going to be for some economists to tell. And also, and I'll be involved in that decision too.

B (15:13)

Did they make.

C (15:13)

They have a very big market share, but it is a big market share. There's no question about it. Could be a problem.

A (15:19)

It could be a problem is how we ended that interview. You guys just know that over at the Skydance Paramount offices you have David Ellison. He is like kicking his feet. He is giggling. He is ready to bring home a win to his dad. And then everything changed because CBS News and 60 Minutes decided to drop an interview with Trump's latest foe, Marjorie Taylor Greene. And Trump unleashed on Truth Social. But let's hone in to the last section of this post where he says, my real problem with the show, however, wasn't the low IQ traitor Marjorie Taylor Greene is what he's saying. It was that the new ownership of 60 Minutes Paramount would allow a show like this to air. They are no better than the old ownership, all capital letters, who just paid me millions of dollars for fake reporting about your favorite president, me. Since they bought it, 60 Minutes has actually gotten worse. Oh, well, far worse things can happen. P.S. i hereby demand a complete and total apology, though far too late to be meaningful, from lesley stahl in 60 minutes for her incorrect and libelous statements about Hunter's laptop. Thank you, President Donald J. Trump. So it seems like the honeymoon phase with the new owners of Paramount is officially over. Guys, this entire thing reads like a soap opera. You have sons trying to prove themselves to their fathers. You have political dominance. You have betrayal. You have building business empires. You have foreign involvement. The friggin Middle east is trying to buy Warner Brothers, like, how much crazier can this thing actually get? We will see, because Warner Brothers now has a decision to make. They are possibly going to lose money. I think they're gonna have to pay Netflix, like, $6 billion, 5 point something billion dollars if they walk away from their deal. There's a whole lot of things at stake, so we will see what happens. Now, now, getting into my opinion on all of this, I feel like I'm still figuring it out. Like, it changes kind of every few minutes. Like, right now at this moment, I am less concerned with the quote, unquote wokeness and gayness from Netflix than I am with one family and foreign governments literally owning the majority of our media. From Hollywood to news, all of that. Like, that just seems a tad bit more concerning. Somebody tweeted about this and said, so Paramount wins. Larry Ellison and his son will control TikTok, Warner Brothers Studios, Paramount Picture Studios, CBS, CNN, all of HBO, Paramount plus their streaming library. He would also control almost every major cable channel. They would have distribution that is possibly even greater than Disney. No wonder Netflix doesn't want them to have Warner Brothers. It's like, you have to pick the lesser of two evils here. It's like, all right, you're gonna dominate streaming. You're gonna change the film industry forever. You're gonna push out movie theaters, just close down a huge faction of the industry, or we're just gonna have another major media conglomerate that. That does not just impact Hollywood, but bleeds into everything. And then I'm also thinking, okay, well, we already kind of have Disney that owns close to all of this because they own ABC and they own espn. So it's not like we haven't been here before. It's not like this is some new thing. But also the other part of my brain is like, everything that we discussed on Saturday in regards to Jack Posobiec and his argument that Netflix basically is the new MK Ultra, that it's indoctrinated young people, that their political arm is so strong. Like, all of that is completely valid. We should be concerned about that. American families should be concerned about the content that is being put out in the world. But at the end of the day, just as an aside, you can't control what happens here as an American family. You can't control what Netflix produces, what Paramount produces, who buys who, but you can control the content that is allowed in your home. So regardless of what happens, you still decide. So just know that because you have that power, because you have that authority over your own home and over your own television. There is still hope, but kind of scaling back away from that empowerment and our autonomy in that situation. I don't really know if Americans win in either of these mergers. Like somebody posted and said, watching rich people play with my entertainment while I can't do a thing. But the thing is, it's not just entertainment. This isn't just about Hollywood. It's about our entire media and news system. And yes, the Ellisons are saying that they want a fairer and more truthful and more balanced media. And those are all great things. But I'm sorry if I don't believe that that will happen or if that's even possible in 2025. Like, nothing against them. I'm sure they're great. I'm sure that they have good intentions, sure that they're just trying to do business. But again, I don't know if that's possible. And so I don't see either option as a win. And again, it isn't just about movie making and streaming, which, by the way, also makes me wonder how Hollywood is going to react to this news because they want Paramount to buy Warner Bros. The studio to save their industry, to save the movie theaters. But it makes me laugh having to think about them contending with the fact that now that includes a CNN purchase by one of Donald Trump's friends. Just comical. It's just ironic. Who knows what Jane Fonda will say to that. Anyway, both them of. Of these conglomerates, regardless of what happens, they might make it harder for independent artists and filmmakers and commentators and news outlets to flourish. And therefore, it is just that much more important to have, you know, independent, authentic voices that you follow, that you trust and look to, both in entertainment and in news. It means that you should support independent voices and support independent filmmaking that supports your values and is aligned with what you believe in. And every day, as more of these companies are bought up, as more foreign dollars infiltrate our system, as these conglomerates grow, that becomes ever more important. So maybe that is the one good thing that will come out of this.