Jasmine Crockett Enters Senate Race, Paramount's Hostile Takeover, Mamdani's Mansion: AM Update 12/9

Summary

The Megyn Kelly Show

Episode: Jasmine Crockett Enters Senate Race, Paramount's Hostile Takeover, Mamdani's Mansion: AM Update 12/9
Date: December 9, 2025
Host: Megyn Kelly

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Episode Overview

On this AM Update, Megyn Kelly dives into recent dramatic developments in media mergers, political shakeups in Texas, late-night television controversies, and the personal choices of New York City’s incoming mayor. The show dissects Paramount's hostile bid to acquire Warner Bros. Discovery, Jasmine Crockett's fiery Senate campaign announcement, Jimmy Kimmel’s turbulent contract renewal, and Zoram Mamdani's move from modest living to Gracie Mansion.

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Paramount’s Hostile Takeover Bid for Warner Bros. Discovery

[00:39-08:50]

Key Points

• Paramount’s Direct Offer:

  • Paramount Skydance has launched a hostile all-cash offer—$30/share, valuing Warner Bros. Discovery at ~$108 billion—backed by the Ellison family and multiple financiers.
  • David Ellison (Paramount) on CNBC:

    “Our offer is $30 a share, all cash, $41 billion in equity...pro consumer, pro creative talent, pro competition…” [02:51]

• Competing Bids:

  • Netflix has already signed an $83 billion deal, paid out in cash and stock, but their deal includes only film and TV studios (HBO, HBO Max) and spins off cable assets.
  • Paramount’s bid includes all assets, such as CNN, TBS, and TNT.

• Shareholder Showdown:

  • Paramount accused Warner Bros. Discovery’s board of never “engag[ing] meaningfully” with its proposals.
  • CNBC’s David Faber explains:

    “...the shareholder vote on the Netflix transaction is going to be the key...Paramount feels they were not given attention they deserved...by bringing a tender offer...they are going to share everything with shareholders of Warner Brothers...” [04:06]

• Regulatory Hurdles:

  • Both deals require approval from the Trump administration.
  • Netflix anticipates 12–18 months for approval; Paramount claims theirs could clear in just a year.
  • Netflix’s breakup fee: $5.8B if deal fails, $2.8B if Warner backs out.

• Political & Financial Entanglements:

  • Paramount’s backers include Saudi Arabia, Qatar, Abu Dhabi, and Jared Kushner’s Affinity Partners, though none would have board seats.
  • Megyn Kelly’s take:

    “Wait, so could Jared Kushner soon be running CNN? Can you imagine?” [06:14]

  • Senator Chris Van Hollen (D-MD) criticizes the merger, citing potential “grift” and Trump family involvement.

• Presidential Commentary:

  • Donald Trump at the Kennedy Center:

    “They have a very big market share...that share goes up a lot. So I don’t know, that’s going to be for some economists to tell. And also, I’ll be involved in that decision too.” [05:56]

  • On Paramount’s bid and Kushner’s support:

    “[Jared Kushner’s] really tried to work on Gaza. I think Gaza’s his primary thing.” [08:27]

• Next Steps:

  • Warner Bros. board to review Paramount’s offer and respond within 10 days. Offer expires January 8, 2026.

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Texas Senate Race: Jasmine Crockett’s Bombastic Entry

[08:50-13:43]

Key Points

• Crockett Jumps In:

  • Jasmine Crockett, a Democratic U.S. Congresswoman, launches Senate run, immediately reshaping the Texas race.
  • Rep. Colin Allred drops out, citing Crockett’s entry:

    “It was about the fact that with, you know, three strong candidates running...we would certainly have a runoff. And to me, going through a bruising primary was not in the best interest of the state or the party.” [09:23]

• Crockett’s Firebrand Style:

  • Known for social media presence and unapologetically direct rhetoric targeting Republicans:

    “We are going to be in your face. We are going to be on your asses...We in these hot ass Texas streets, honey. Y’all know we got Governor Hot Wheels down there. Come on now. Donald Trump is a piece of shit, okay?...Not only are we going to punch back, but we about to beat you down.” [10:06]

• Campaign Image:

  • Crockett's campaign launch video features Trump calling her "a very low IQ person” repeatedly in a mocking tone:

    “How about this new one? They have their new star, CROCKETT...She’s the new star of the Democrat Party, Jasmine Crockett. They’re in big trouble...She’s a very low IQ person. I watched her speak the other day.” [11:17]

• Electoral Landscape & Odds:

  • Oct. University of Houston poll: Crockett leads a 4-way field (31%), Talarico 25%, Beto O'Rourke 25%, Allred 13%
  • Dems are eyeing the seat held by Republican Senator John Cornyn, facing his own primary.
  • Analyst Chris Cillizza’s skepticism:

    "Political wisdom would suggest she's not going to win a general election...if Crockett is the nominee, I don’t know that national Democrats spend any money in Texas...she has an under 10% chance of winning the general election." [13:00]

  • Democratic statewide drought: 30+ years of no wins despite heavy investments.

• Key Dates:

  • Primary set for March 3rd.

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Jimmy Kimmel’s Rocky Late-Night Future

[15:02-18:03]

Key Points

• Kimmel’s Contract Extended:

  • ABC renews Kimmel’s contract for a single year (through May 2027)—a move Megyn Kelly calls "a fig leaf."
  • Comes after Kimmel was suspended for six days following comments about Charlie Kirk’s murder, where he blamed MAGA, drawing FCC and affiliate backlash.

• Station Preemption & Suspension:

  • Nexstar (over 200 stations) and Sinclair preempted his show.
  • No formal apology from Kimmel on return; blame shifted to Trump and media for “taking his words out of context.”

• Ratings Woes:

  • Kimmel’s viewership has dropped from 2.4M (2015) to 1.6–1.98M today; key ad demo (25–54) is down 75% over a decade.
  • Megyn Kelly’s critique:

    “Turns out, not that many Americans want to be lectured to by a preening, smug elitist millionaire who can’t stand half the country.” [17:46]

• Contextual Notes:

  • Kimmel’s extension reportedly timed around respect for Stephen Colbert, whose CBS late show is canceled in May.

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Mayor-elect Zoram Mamdani’s Mansion Move

[18:03-19:54]

Key Points

• From Modest Apartment to Mansion:

  • Democratic socialist Mamdani, elected NYC mayor, moves from rent-stabilized $2,300/month Astoria apartment to lavish Gracie Mansion (11,000 sq. ft., 5 bedrooms, ballroom) "for safety and focus on affordability agenda."

• Maintaining Everyman Image:

  • Mamdani’s narrative long emphasized his modest living situation as proof of solidarity with ordinary New Yorkers.
  • Critics, notably Andrew Cuomo, used Mamdani’s wealthy background and cushy salary as a counterpoint.
  • Debate moment replayed:

    “He has a rent stabilized apartment that a poor person's supposed to have.” —Donald Trump [19:38]

• Controversy:

  • Mamdani reportedly plans to keep his apartment even while living in Gracie Mansion.
  • His Instagram post attempts to justify the move as necessary for his role and public safety.

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Notable Quotes & Memorable Moments

• David Ellison (on Paramount deal):

  “It’s pro-consumer, pro-creative talent, pro-competition...When shareholders see what is in our offer, that’s what they’ll vote for.” [02:51]

• Donald Trump (on media mergers):

  “They have a very big market share...That’s going to be for some economists to tell. And also, I’ll be involved in that decision too.” [05:56]

• Jasmine Crockett (on campaign style):

  “Not only are we going to punch back, but we about to beat you down.” [10:37]

• Chris Cillizza (on Texas Dem prospects):

  “If Crockett is the nominee, I don’t know that national Democrats spend any money in Texas.” [13:00]

• Megyn Kelly (on Kimmel):

  “Turns out, not that many Americans want to be lectured to by a preening, smug elitist millionaire who can’t stand half the country.” [17:46]

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Timestamps for Major Segments

• Paramount vs. Netflix Media Wars: 00:39–08:50
• Texas Senate Race—Jasmine Crockett: 08:50–13:43
• Jimmy Kimmel’s Contract & Ratings: 15:02–18:03
• NYC Mayor-elect Mamdani's Mansion: 18:03–19:54

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Overall Tone

• Direct, biting, and often sharply satirical—Megyn Kelly embraces her “no BS, no agenda” ethos, using sarcasm and candid critique, especially toward public figures and perceived hypocrisy.

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This summary delivers a comprehensive, engaging breakdown of the episode’s key topics, insights, and standout lines in Megyn Kelly’s unmistakable voice.

Transcript

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[Megyn Kelly]

Good morning everyone. I'm Megyn Kelly. It's Tuesday, December 9, 2025, and this is your AM update.

[David Ellison]

Our offer is $30 a share, all cash, $41 billion in equity. That's backstopped by the Ellison family.

[Megyn Kelly]

Paramount announcing a hostile bid to purchase Warner Bros. Discovery just one day after Netflix announces a signed deal to do the same.

[Jasmine Crockett]

Turning Texas blue is what I want to talk to y' all about today.

[Megyn Kelly]

U.S. congresswoman from Texas, Jasmine Crockett announces a run for U.S. senate. Late night host Jimmy Kimmel's contract extended for a year, months after the host was yanked off the air for a whopping six days. And New York City Mayor Elect Zoram Mamdani announces he is prepping for his move to a New York City mansion. All that and more coming up in just a moment on your AM Update.

As President Trump is settling into his new administration. One of the top Democrats in Congress aiming to undermine the Trump agenda is Senator Dick Durbin. And according to our sponsor, the Electronic Payments Coalition, Senator Durbin has a new scheme, a government takeover of your credit card. Today, Americans have thousands of choices in credit cards, but they say Senator Durbin's plan will result in less competition and less security and that means more risk for your credit and identity. Learn [e-mail] and consider telling your senators to stop Dick Durbin's government takeover of your credit card before it's too late.

Paramount Skydance on Monday launching a hostile takeover bid to purchase Warner Bros. Discovery, taking its offer directly to shareholders just one day after Netflix announced a signed deal to purchase the legacy studio. A hostile takeover is when a buyer takes control of a target company without the approval or consent of the target company's board of directors. Paramount offering shareholders an all cash offer, valuing the company at about 108 billion as opposed to Netflix signed deal of 83 billion paid out in a mix of cash and stock. CEO of Paramount Skydance David Ellison pitching his offer Yesterday morning on CNBC.

[David Ellison]

Our offer is $30 a share, all cash, $41 billion in equity. That's backstopped by the Ellison family and Redbird, $54 billion in debt with commitments from Citi bank of America and Apollo. We have faster regulatory certainty to close. And our deal is pro consumer, it's pro creative talent, it's pro competition. And we believe that when you actually to further contextualize that are $30 in cash or sorry, $30 a share is basically $17.6 billion in cash more than the $23 in share that they signed up. And we believe when they see what is currently in our offer that that's what they'll vote for.

[Megyn Kelly]

Paramount taking the position that Warner Brothers never quote, engaged meaningfully with its proposals throughout the high stakes bidding war. Paramount's offer would buy all of Warner Brothers discoveries assets, including its cable networks like cnn, TBS and tnt. Netflix's deal, by contrast, would acquire only the film and TV studios, including HBO and HBO Max, with Warner Bros. Spinning off its cable channels into a separate company. CNBC host David Faber with more on how the upcoming process will play out.

[David Faber]

What this will have the effect of doing essentially is making the shareholder vote on the Netflix transaction. The key where shareholders will be making their voices hear, conceivably, according to Paramount, and the fact that throughout in this press release, they feel as though they were not given the attention they deserved and were not treated on equal footing to Netflix. And hence in bringing a tender offer of this type to shareholders, they are going to share everything with those shareholders of Warner Brothers in the hopes, of course, that they will put pressure on the company in some way and or at least indicate that they're unwilling to vote in favor of the current in transaction with Netflix. As these things go, when you file a tender offer, you are then put the company you filed against in the position of having to file a D9, which requires them to come out with all the reasons why they decided what they did. And so we are going to get a lot more explication, let's say, around the process itself.

[Megyn Kelly]

Any deal, regardless of whether it's Netflix or Paramount, will require regulatory approval from the Trump administration. In a sign of Netflix's confidence its merger will be approved. The streaming platform agreeing to pay Warner Brothers a $5.8 billion breakup fee if the deal does not go through. Conversely, Warner Brothers must pay Netflix 2.8 billion if it pulls out of the deal to go with someone else. Paramount arguing the Netflix deal faces steeper regulatory hurdles since it would combine the number one streaming service, Netflix, with the number Three service hbo Max. President Trump Sunday at the Kennedy center conceding Netflix may have a problem.

[David Ellison]

Should they be allowed to buy Warner Brothers?

[Donald Trump]

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. They have a very big market share. There's no question it could be a.

[Megyn Kelly]

David Ellison's father, chief technology officer and co founder of tech giant Oracle Larry Ellison is also a strong Trump ally. Paramount expecting its offer could be approved in one year, whereas the Netflix deal is anticipated to take 12 to 18 months. The junior Ellison appealing to movie fans, vowing to put 30 movies per year into theaters. The Netflix deal drawing industry backlash from those worried about what a streaming giant's takeover of a legacy studio could mean for traditional movie theaters. Netflix attempting to calm those fears, though not entirely successfully saying it, quote, expects to maintain Warner Brothers current operations and build on its strengths, including theatrical releases for films, but without any guaranteed number. Netflix, with limited exceptions, does not release its movies theatrically, possibly complicating Paramount's bid to fund the deal. The company is backed by multiple foreign sovereign wealth funds, including Saudi Arabia, Qatar and Abu Dhabi, as well as President Trump's son in law, Jared Kushner's fund affinity partners. Wait, so could Jared Kushner soon be running cnn? Can you imagine? Alas, each of those players agreeing that they will not take any governance role in the company should their takeover bid be completed? US Senator from Maryland, Democrat Chris Van Hollen attacking the deal in an ex post. More grift. The Warner Brothers merger was already suspect, but now Trump's family is getting in on the act. This cannot stand. President Trump asked yesterday at the White House about Paramount's bid. You support the Paramount bid for Warner.

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[Megyn Kelly]

You spoke about Netflix last night saying you have concerns about them.

[Donald Trump]

I know the companies very well. I know what they're doing, but I have to see, I have to see what percentage of market they have. We have to see the Netflix percentage of market. Paramount, the percentage of market. I mean, none of them are particularly great friends of mine. You know, I just, I want to, I want to do what's right. So very important to do what's right.

[Riverbend Ranch Advertiser]

Paramount being supported by Jared Kushner. Mr. President, would that impact your decision if Paramount is.

[Donald Trump]

I don't know. I haven't, I've never spoken to him about him. He's really tried to work on Gaza. I think Gaza's his primary thing is Gaza.

[Megyn Kelly]

The Warner Brothers board of directors responding to Paramount's bid, telling shareholders it will evaluate the offer and release its decision within 10 days. Paramount's offer expires on January 8, 2026.

US Congresswoman from Texas, Democrat Jasmine Crockett officially launching a run for Senate on Monday. Crockett now set to challenge Texas State Representative James Tallarico in the primary. Her announcement coming after weeks of speculation and just hours after former Congressman Colin Allred dropping out of the race. Allred confirming yesterday on CNN his decision to exit the race was due to Crockett's decision to enter. Jasmine Crockett is very openly considering running. Is that part of why you decided to not run anymore?

[Colin Allred]

Yeah, of course it is. And I think, you know, listen, Jasmine's a friend of mine and we've served together and I've known her since before we were both, you know, in elected office. But it was about the fact that with, you know, three strong candidates running that we would certainly have a runoff. And to me, going through a bruising primary was not in the best interest of the state or the party.

[Megyn Kelly]

Ms. Crockett, the 44 year old congresswoman first elected to office in 2022, quickly rising to national prominence thanks to her bombastic style and non stop social media presence, unloading a steady stream of insults and tirades at Republican foes from Congresswoman Marjorie Taylor Greene to President Trump to Texas Governor Greg Abbott. Here a sampling.

[Jasmine Crockett]

We are going to be in your face. We are going to be on your asses. We are going to make sure you understand what democracy looks like. This ain't it. Because we in these hot ass Texas streets, honey. Y' all know we got Governor Hot Wheels down there. Come on now. Donald Trump is a piece of shit, okay? We know that he is. If someone on this committee then starts talking about somebody's bleach blonde, bad built, butch body that would not be engaging in personalities.

[Megyn Kelly]

Correct? A.

[Jasmine Crockett]

What now you not only are we going to punch back, but we about to beat you down.

[Megyn Kelly]

Crockett, who went to the best private schools to be educated and came on the national scene sounding closer to Eliza Doolittle than Cardi B. Now since becoming a congresswoman is all about the street. Crockett taking plenty of heat in return from those she's attacked in politics and embracing it in her campaign launch video posted yesterday. And this is not a joke, it actually is her launch ad in it The Congresswoman stares off into the distance, blinking slowly behind long curly eyelashes while the following audio plays.

[Donald Trump]

How about this new one? They have their new star, CROCKETT how about her? She's the new star of the Democrat Party, Jasmine Crockett. They're in big trouble. But you have this woman. CROCKETT She's a very low IQ person. I watched her speak the other day. She's definitely a low IQ person. CROCKETT oh man, oh man. She's a very low IQ person. Somebody said the other day, she's one of the leaders of the party. I said, you gotta be kidding. Now they're going to rely on Crockett. Crockett's going to bring him back.

[Megyn Kelly]

Toward the end, Crockett turning dramatically to the camera, flashing a smile before the words Crockett for U.S. senate appear on screen. An October poll from the University of Houston showing Crockett leading the pack in a four way challenge, including Talarico, former Congressman Beto o' Rourke and Colin Allred, the latter of whom keep running for office and losing every time there's a race in Texas. Crockett with 31%, Talarico at 25, O' Rourke at 25 and Allred then at 13. O' Rourke has said he is unlikely to run for office in 2026 or, let's face it, ever again, since he cannot win a race. Dems have their eyes on the seat held by Republican Senator John Cornyn, who is running again but is facing his own set of primary challengers. Democrats have not won a statewide race in Texas for more than 30 years, despite spending millions of outside dollars on challengers again. Beto O' Rourke in 2018 and Colin Allred in 2024, each losing their bids by three and eight points respectively to Senator Ted Cruz. Journalist Chris Cillizza says if Crockett is the nominee, she's not likely to draw quite as many outside donors.

[Chris Cillizza]

If Jasmine Crockett winds up as a Democratic nominee, I will tell you that political wisdom would suggest she's not going to win a general election. We may look back at this day and say this is the day where that opportunity in Texas got a little less appealing. And if Crockett is the nominee, I don't know that national Democrats spend any money in Texas. Whereas I think if Tal Rico is a nominee against, say, Paxton, then I think they would spend money. So this could be a tough day for Senate Democrats chances of retaking that majority. I think she is probably a slightly better than even odds chance at being the Democratic nominee and I think she has a under 10% chance of winning the general election.

[Megyn Kelly]

The primary is set for March 3rd.

Coming up, Jimmy Kimmel's contract getting a one year extension. But is anyone watching? And New York City Mayor elect Zoran Mamdani preparing for a big move.

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[Megyn Kelly]

Jimmy Kimmel renewing his contract with ABC for one year, extending his contract through May of 2027. According to Bloomberg News. That is officially what we call in the news business a fig leaf. The news coming just months after Kimmel was briefly yanked off the air following vile remarks he made in the wake of Charlie Kirk's murder, trying to blame the killing on maga. FCC chair Brendan Carr at the time reminding local station groups that they are empowered to preempt programming not considered in the public good. Shortly thereafter, Nexstar, the largest owner of local TV stations in America with more than 200 stations reaching 220 million people, announcing it would preempt. Kimmel Sinclair, another large affiliate owner, following suit. ABC then deciding to temporarily pull the show. Kimmel's allies from Hollywood to D.C. then launching a public outcry campaign calling the suspension an attack on free speech, despite the fact that while the feds were clearly happy to see the preemptions, the decision came from private stakeholders and not the government. Ultimately, Kimmel's suspension lasting six days, two of which were weekend days, the host returning to the air in tearful remarks saying, quote, it was never my intention to make light of the murder of a young man absent from his comments. Kim which largely focused on himself and blamed Donald Trump and others for taking his words out of context, which they didn't, was any apology whatsoever. Bloomberg reporting the deal was inked months ago, but went unannounced out of respect for Stephen Colbert, who in July announced his CBS late night show is getting canceled in May. You see, we respect Stephen Colbert. Charlie Kirk we can dump on his grave before he's practically been laid to rest Kimmel's Ratings Dropping like a stone in recent years in 2015, Jimmy Kimmel Live averaging 2.4 million viewers prior to Kimmel's suspension, the show down to about 1.6 million. Kimmel scoring an extremely temporary one night ratings bump on his first night back on TV after the brief suspension, which has since tapered back down into familiar territory, averaging 1.98 million viewers the week of November 23rd. In the coveted 25 to 54 demo, which is the most important number for advertisers and thus for executives, Kimmel pulling a paltry average of 261,000 in 2025 compared to nearly four times that number, about a million viewers 10 years ago. The week of Nov. 23, his demo was down to 245,000. For a broadcast network like ABC with reach into virtually every single American household, where it costs the consumer nothing, those numbers are dismal. Turns out, not that many Americans want to be lectured to by a preening, smug elitist millionaire who can't stand half the country.

New York City Mayor Elect Zoram Mamdani, the Democrat socialist who rails against wealth, privilege and the elite, announcing he and his wife are moving into a mansion, the New York City Mayor's residence, Gracie Mansion, when he takes office in January. Mamdani, in a lengthy Instagram post justifying the move to his comrades, quote, we will miss much about our home in Astoria. Cooking dinner side by side in our kitchen, sharing a sleepy elevator ride with our neighbors in the evening, hearing music and laughter vibrate through the what? We get it. The decision came down to our family's safety and and the importance of dedicating all of my focus on enacting the affordability agenda New Yorkers voted for. It is not a requirement for the mayor to live at Gracie Mansion, Michael Bloomberg most recently opting instead to live in his home while in office. Gracie Mansion is an Upper east side property spanning roughly 11,000 square feet and boasting five bedrooms and a ballroom. It sits in a park along the East River. It's a certain upgrade from the one bedroom apartment Mamdani currently occupies with his wife in Astoria, Queensland. As a candidate, Mamdani often pointing to his modest $2,300 a month rent stabilized apartment as a symbol of his everyday New Yorker Persona. Former governor and mayoral candidate Andrew Cuomo using the apartment as an attack line, referencing Mamdani's privilege as the son of a movie director mother and a Columbia professor father, as well as his $142,000 a year salary as a state assemblyman. One moment from an October debate, Mr.

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[Donald Trump]

$2,300, Mr. Cuomo he has a rent stabilized apartment that a poor person's supposed to have.

[Megyn Kelly]

Mamdani set to be sworn in on January 1, a source telling the New York Post Mamdani intends to keep the apartment while living in the mansion.

That'll do it for your AM Update, I'm Megyn Kelly. Join me back here for the MK show live on Sirius XM's the Megyn Kelly Channel 111 at noon east on YouTube.com megankelly and on all podcast platforms.

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