The Exchange – CNBC

Episode: Paramount's Hostile Bid, Berkshire's Shakeup & Delistings Soar
Date: December 8, 2025
Host: Kelly Evans

Overview

This packed episode dives into seismic shifts across media, finance, and real estate. The day's hottest headlines: a dramatic bidding war for Warner Bros. Discovery (WBD) involving Paramount and Netflix; a major changing of the guard at Berkshire Hathaway as Warren Buffett prepares to hand over the reins; and troubling new data on the U.S. housing market as home delistings surge. The episode features expert voices from Hollywood, Congress, investing, and tech, providing a thorough, candid discussion of the challenges and opportunities ahead.

Paramount’s Hostile Bid for Warner Bros. Discovery (WBD)

Timestamps:

• Segment begins at [01:00]
• Rich Greenfield analysis: [02:37]; [04:24]
• Hollywood/Political response: [07:35]; Congresswoman Laura Friedman interview: [08:15]

Key Points

• Paramount (via Skydance, led by CEO David Ellison) makes a hostile, all-cash $30/share ($109B) offer for all of WBD, matching a recent Netflix bid (though the Netflix deal excludes WBD’s TV business).
  • Paramount's bid: "pro consumer, pro creative talent, pro competition," per Ellison ([02:16]).
  • Paramount has raised $54B in financing, including significant funds from Middle East investors.
• The WBD board previously deemed Netflix's offer as superior, believed to be slightly above $30/share due to targeting different assets.
  • Regulatory review will likely take 12–15 months, meaning no quick resolution.
  • The ball is back in WBD’s court, with speculation on whether Paramount will further raise its bid.

Industry and Antitrust Concerns

• Criticism from within Hollywood about further consolidation weakening competition, reducing jobs, raising consumer prices, and potentially harming cultural and creative output.
• Congresswoman Laura Friedman (CA):
  • “Every time we see a consolidation... we see thousands of job losses. We see less competitiveness, we see prices go up for consumers.” ([08:20])
  • Concern not just about Netflix or Paramount, but about industry-wide consolidation, offshoring, and overall decline in Hollywood jobs/opportunity.
  • Expresses suspicion about political influence (notably the Ellison family's relationship with Donald Trump) possibly skewing regulatory review ([10:27]).
• Rich Greenfield (LightShed Partners):
  • Points out the “messy” nature of defining market share and the complexity of antitrust analysis across streaming, linear TV, and new entrants like YouTube ([05:42]).

Notable Quotes

• David Ellison:
  “If it [the Netflix deal] is allowed to move forward, it will actually be the death of the theatrical movie business in Hollywood. We're sitting here today trying to save it.” ([07:35])
• Rep. Friedman:
  “We need freedom of expression. We need creatives to be able to—and journalists, for that matter—to express themselves without feeling that the Trump administration is going to come in and punish the parent industry...” ([11:31])

Market Check & Movers

Timestamp: [01:00], [17:21]

• Russell 2000 remains resilient; tech stocks are soft, Netflix down over 4% as the streaming drama intensifies.
• Bond Yields: 10-year hits 4.18%.
• Bitcoin: Flirting with $90,000 mark.
• Nvidia rises on reports of H200 chip exports to China ([15:26]), but some skepticism remains regarding actual demand in China ([22:41]).
• Other notable movers: Broadcom, Marvell, Fox, Ross, EA (up); General Mills, McCormick, Procter & Gamble (down).

Fed Preview: Rate Cuts & Balance Sheet

Segment starts: [18:43]
Guest: David Wessel (Brookings)

Key Takeaways

• Fed likely to cut rates by 0.25% with dissent from hawkish presidents.
• Speculation over new Fed chair is clouding the meeting, with Kevin Hassett and Scott Bessen as leading candidates.
  • “It gives Fed chair Jay Powell just a little less clout than he would have had six months or a year ago.” – Wessel ([19:48])
• Balance sheet expansion:
  • Not likely a return to full-blown QE, but will begin modest growth next year ([21:21]).
  • Crypto community especially focused on what Fed easing could do for liquidity and markets.

Nvidia’s China Chip Sales – More Hype Than Help?

Correspondent: Christina Partsinevelos
Timestamp: [22:41]

• Commerce Dept. okays some H200 chip sales to China, causing a 2–3% spike in Nvidia’s stock.
• “The roadblock isn’t Washington... The roadblock is Beijing.” – Partsinevelos ([22:41], [24:19])
  • Not only are the chips older/lower-end, but China’s regulators are wary of security risks.
  • Additional hurdles: antitrust scrutiny, environmental concerns, and possible Chinese market resistance.
• Overall: a positive optics win for Nvidia, but limited near-term practical impact.

Rate Cuts: Be Careful What You Wish For

Guest: Rich Bernstein, CEO, Richard Bernstein Advisors
Timestamp: [25:46]

• Warns that cuts aren’t a cure-all:
  • “Lower rates will not encourage lending to riskier entities... To automatically assume that rates throughout the economy will come down, that just doesn’t make any sense.” ([26:49])
• Fed cuts rates when banking system is fragile—that’s not the case right now.
• The current market loves "sexy" growth stocks, but Bernstein promotes a “boring is beautiful” thesis for 2026:
  • “Dividends are one of the key parts to building wealth through time... Non-US Quality... is the biggest bargain out there.” ([29:22])
  • Sees outperformance potential in high-quality, especially developed Europe, equities, due to their better relative growth vs. the decelerating “Mag 7.”

Tiger Global’s Strategic Reset

Correspondent: Deirdre Bosa
Timestamp: [33:40]

• Tiger launches 17th VC fund (~$2B), shifting from "spray and pray" to concentrated bets on AI and sector winners:
  • New fund: 70% of capital in just 25 companies; OpenAI and Waymo are anchors.
  • VC landscape evolving as tech giants increasingly lead mega funding rounds.
• “Speed matters less and proximity to winners matters more.” – Bosa ([33:40])

Berkshire Hathaway’s Shakeup as Buffett Departs

Guest: Bill Stone, CIO at Glenview Trust
Segment starts: [36:47]

• Todd Combs (investment manager, Geico CEO) departs for JP Morgan as Buffett prepares to retire.
• Berkshire’s stock lags S&P and faces possible further underperformance as “greatest capital allocators” step back, but remains “an extremely stable business... going to save you in really difficult times.” – Stone ([37:26])
• Many senior staff nearing retirement; “It is kind of a sign of changing time, claims, put it that way.” ([40:41])

Apple’s "Brain Drain" and the AI Moment

Correspondent: Steve Kovach
Starts: [41:00]

• Several senior departures at Apple create anxiety over ability to catch up in AI, though prominent chip leader Johny Srouji is not leaving ([41:13]).
• 2026 will be pivotal: AI-powered Siri revamp, possible new AI hardware, and antitrust trial looming.
• Apple being called the “AI tollbooth” ([43:15]), but skepticism remains about readiness:
  • “We’ve been waiting for that [true AI integration] for 10 years... there’s no way...” – Kelly Evans ([43:50])
  • Apple’s entire next-gen product suite (smart glasses, home devices) hinges on success here.

The Housing Market’s Delisting Surge

Correspondent: Diana Olek
Starts: [44:53]

• Delistings up 45% YTD, and 38% YoY, highest since Realtor.com began tracking in 2022.
• Inventory that had been rising now curtailed by sellers pulling homes due to economic uncertainty, mortgage rates, and high prices.
• Miami, Denver, Houston: hardest-hit in delisting ratios.
• Buyers are targeting “refuge markets” with relative affordability: Grand Rapids, St. Louis, Cleveland, Milwaukee, Pittsburgh.

Notable Quotes & Memorable Moments

• Rich Greenfield:
  “[Industry consolidation] becomes very messy. And I think any court, forget about whether Trump sues or the DOJ… it just, it becomes very messy.” ([05:42])
• Laura Friedman:
  “Every time we see a consolidation... thousands of job losses. We see less competitiveness, we see prices go up for consumers.” ([08:20])
• Christina Partsinevelos (on Nvidia):
  “The roadblock isn’t Washington... The roadblock is Beijing.” ([22:41])
• Rich Bernstein:
  “Lower rates will not encourage lending to riskier entities… That just doesn’t make any sense.” ([26:49]) “Our theme for 2026 is boring is beautiful.” ([29:22])

Episode Structure

1. Market Update & Paramount/Netflix/WBD Bidding War
2. In-depth Discussion: Media Sector Consolidation
   • Hollywood and Politician Perspective
3. Market Movers & Sector Developments
   • Nvidia/Chips, Consumer Staples
4. Federal Reserve Preview & Macro Debate
   • Rates, balance sheet, next chair speculation
5. Tiger Global’s Venture Repositioning
6. Berkshire Hathaway’s Executive Turnover
7. Apple’s Executive Departures and AI Ambitions
8. Housing Market Data & Analysis

For Listeners Who Missed the Episode

This episode delivers crucial insights for investors, industry insiders, and policymakers on pivotal shifts in media (the Paramount/Netflix bidding contest and its implications), the future of blue-chip stability (Berkshire), and economic trends impacting real estate and tech. The panelists and interviews deliver clear warnings about the challenges of consolidation, the real effectiveness of monetary policy, navigating a “boring” bull market, and the pressure on titans (from Apple to Berkshire) to stay relevant as generational transitions approach.

Highly recommended for anyone seeking an edge in understanding the next wave of disruption across America’s most iconic industries.