WSJ Tech News Briefing – TNB Tech Minute: Activist Investor Wants Warner to Reconsider Paramount Offer

Date: February 11, 2026
Host: Julie Chang

Episode Overview

This TNB Tech Minute delivers the day’s top tech business headlines, with a particular focus on major shakeups at Warner Bros. Discovery, Lyft’s latest earnings results and strategy, and turmoil at crypto lender Blockfills after a steep Bitcoin drop. The pace is brisk and direct, aimed at listeners looking for a quick but thorough rundown of essential tech news.

Key Discussion Points & Insights

1. Activist Investor Pushes Warner Bros. Discovery to Reconsider Paramount’s Offer

• Quora Holdings (an activist investor) has built a $200 million stake in Warner Bros. Discovery, representing less than 1% ownership.
• Quora opposes Warner’s $72 billion Netflix deal, insisting Warner’s board did not adequately consider Paramount’s $78 billion all-cash offer.
• Quora threatens a proxy fight if Warner management does not negotiate with Paramount.
  • Important Segment: [00:28 – 01:05]
• Actionable insight: Although Quora holds a small stake, its intention to increase holdings and escalate tactics could spur boardroom drama or shareholder activism.

Quote:
“An activist investor wants Warner to walk away from its Netflix deal, and Quora holdings has built a roughly $200 million stake in Warner Bros. Discovery. The investor says Warner inadequately considered Paramount's $78 billion all cash offer, and it opposes the $72 billion Netflix deal.”
— Julie Chang, [00:33]

2. Lyft’s Mixed Earnings and Bold Strategy Shift

• Q4 revenue up 3% to nearly $1.6 billion, driven by strong bookings growth.
• Active riders increased 18%; rides up 11%—both short of Wall Street estimates.
• Lyft reported a $2.7 billion profit, a leap from last year’s $61.7 million, but this includes a $2.9 billion benefit from releasing a large valuation allowance (not core operations).
• Going forward, Lyft plans to "double down on its autonomous vehicle strategy."
  • Important Segment: [01:05 – 01:37]
• The numbers reflect growth, but true performance is clouded by one-time accounting benefits.

Quote:
“Lyft posted a profit of about $2.7 billion, compared with $61.7 million a year earlier, but that included a $2.9 billion benefit from the release of a large valuation allowance.”
— Julie Chang, [01:25]

3. Crypto Lender Blockfills Suspends Withdrawals Amid Bitcoin Drop

• Blockfills, a crypto lending firm, suspended client withdrawals and deposits last week following a bitcoin price drop to $60,000.
• The suspension is still active as of today.
• In 2025, Blockfills reportedly handled over $60 billion in trading volumes.
  • Important Segment: [01:37 – 01:58]
• This highlights ongoing risk and instability in the crypto markets following significant price swings.

Quote:
“Crypto lender Blockfills has suspended customer withdrawals in light of the recent crypto plunge… a spokesperson confirmed the suspension is still active today.”
— Julie Chang, [01:44]

Notable Quotes & Memorable Moments

• Activist Pressure on Warner’s Board:
  “People familiar with the matter say the investor plans to buy more shares and might launch a proxy fight if Warner's board doesn't negotiate with Paramount.”
  — Julie Chang, [00:51]

• Lyft’s Forward Strategy:
  “Looking ahead, the company plans to double down on its autonomous vehicle strategy.”
  — Julie Chang, [01:36]

Quick Reference Timestamps

• Activist Investor on Warner Bros.: [00:28 – 01:05]
• Lyft Earnings & Strategy: [01:05 – 01:37]
• Blockfills Withdrawal Freeze: [01:37 – 01:58]

Summary

This episode packs a concise briefing on high-impact tech business developments:

• An activist investor could trigger significant change at Warner Bros. Discovery, potentially derailing both the Netflix and Paramount megadeals.
• Lyft’s growth is tempered by missed analyst forecasts and one-off accounting benefits, hinting at underlying challenges as the company pivots to autonomous vehicles.
• The fragility of crypto finance is on full display as Blockfills responds to a sharp Bitcoin drop with a halt on user withdrawals.

Julie Chang delivers the headlines with clarity and urgency, making this TNB Tech Minute an essential listen for anyone needing to stay on top of tech industry power moves and financial currents.