On today's podcast:
1) The US president’s son-in-law. One of the largest alternative-asset managers. The CEO’s father who fleetingly commanded a fortune exceeding Elon Musk’s. Paramount Skydance Corp.’s hostile takeover bid Monday for Warner Bros. Discovery Inc. brought together an array of banks, billionaires and sovereign-wealth funds, all with the aim of torpedoing Netflix Inc.’s deal last week.
2) President Donald Trump granted Nvidia Corp. permission to ship its H200 artificial intelligence chip to China in exchange for a 25% surcharge, a move that lets the world’s most valuable company potentially regain billions of dollars in lost business from a key global market.
3) Stocks wavered and US bond yields softened from a two-month high as traders held off on making big bets ahead of the Federal Reserve’s final interest-rate decision of 2025. S&P 500 futures were little changed after the US benchmark halted a four-day rally. A dayslong slump in US Treasuries has curbed risk appetite as traders grow cautious about the pace of rate cuts beyond Wednesday’s policy meeting.
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Episode Transcript
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin with the latest on the takeover battle
for Warner Brothers Discovery. Paramount Skydance has launched a hostile
takeover bid for the studio, back by banks, billionaires, and
sovereign wealth funds. The move comes just days after Warners
agreed to a deal with Netflix. The paramount offer stands
at thirty dollars a share in cash, compared with Netflix
(00:35):
as cash and stock bid of just under twenty eight
per share. President Trump's son in law, Jared Kushner, is
participating in the paramount bid, but the President himself has
downplayed his involvement, saying he's not close to either Paramount
or Netflix.
Speaker 4 (00:49):
I have to see what percentage of market they ad.
We have to see the Netflix percentage of market, Paramount
the two percentage of marketing.
Speaker 5 (00:58):
I mean, none of them are particularly great friends of mine.
Speaker 2 (01:00):
President Trump spoke in the White House, while Netflix co
CEO Ted Surrando says Paramount spid was expected.
Speaker 6 (01:06):
Today's move was entirely expected. We have a deal done
and We are incredibly happy with the deal. We think
it's great for our shareholders, think it's great for consumers.
We think it's a great way to create and protect
jobs in the entertainment industry. We're super confident we're going
to get it across the line and finish, So we're excited.
Speaker 2 (01:25):
Netflix co CEO Ted Surrendos spoke at the UBS Global
Media and Communications Conference in New York. Paramount wants to
buy all of Warner Brothers, while Netflix is seeking only
the Hollywood studios HBO and the streaming business. Shares of
Warner Brothers Discovery are up one and a half percent
this morning.
Speaker 3 (01:42):
Well, let's turn to the ship space now, Nathan. President
Trump has granted Nvidia permission as ship it's H two
hundred artificial intelligence chip to China and exchange for a
twenty five percent cut of the sales. The decision marks
a major lobbying win for Nvidia and could let it
regain business lost in the Chinese market. Bloomberg's Wendy Benjamin
Sin has more from Washington.
Speaker 7 (02:04):
So, now Trump, who is the most transactional president I
think we've had in a long time, is looking at
this purely from a business perspective. He is looking at
this as the US will get a twenty five percent
cut out of this tremendous market that Nvidia is going into.
In Vidia gets the win. Apparently the other companies AMD
and Intel will as well, presumably also with a cut
(02:26):
to the United States.
Speaker 3 (02:27):
Bloomberg's Wendy Benjamin Sin reports that President Trump says the
sales would only go to quote approoved customers, and checking
shares of Nvidia, They're up one and a half percent
this morning.
Speaker 2 (02:37):
Another tech stock is in focus this morning, Karen. That
would be Google parent Alphabet. The European Union is investigating
Google now over fears it may have abused its dominance
by using its own artificial intelligence tools to squeeze out competition.
The EU's watchdog will examine whether Google distorted competition by
imposing unfair terms on content creators and giving its own
(02:58):
AI model an advantage over This fresh probe follows September's
three and a half billion dollar fine against Google for
allegedly favoring its own ad tech services over rivals that
provoked President Trump's hire. He slammed the find as discriminatory.
Speaker 3 (03:13):
Meanwhile, Nathan, President Trump says he plans to sign an
executive order on artificial intelligence. He says it'll establish one
rule for regulating the technology, not multiple rules from all
fifty states. Bloomberg's Mike Shepherd has more from Washington.
Speaker 8 (03:28):
The federal government has not enacted its own AI specific
rulemaking or law so far, even you know, three plus
years after the genesis of chat GPT, and even after
we've been talking about artificial intelligence for many years more
than that, we still do not have a comprehensive set
(03:49):
of federal regulations and rules to set the rules of
the road.
Speaker 3 (03:53):
And Bloomber's Mike Shepherd says the forthcoming order marks the
latest bid by President Trump to put his imprint on
ab I policy.
Speaker 2 (04:01):
Well, the President continues to put his imprint on trade policy, Karen,
and now he is warning that he could impose new
tariffs on Canadian fertilizer and Indian rice. The President issued
that threat at a White House event where he announced
billions of dollars in assistance for farmers.
Speaker 4 (04:16):
What do they take like fertilizer out of the country
all of a sudden, we don't do it anymore. Then
they start JUGI and sending it very high prices from
other countries, whether it's Canada or somebody else, and we're
not going to let that happen.
Speaker 2 (04:27):
President Trump says the US doesn't need Canadian fertilizer, but
Canada is America's biggest supplier of potash. As for rice,
India is the world's biggest exporter, but the US sells
more rice abroad that it brings in, and most of
the rice advises from Thailand. President Trump is holding an
event in Pennsylvania tonight to discuss his administration's efforts to
tackle rising prices.
Speaker 3 (04:48):
Well, let's turn to geopolitics now, Nathan and the grinding
effort to end the war in Ukraine. President Vladimir z
Olenski met yesterday with the leaders of the UK, France,
and Germany. He says they agreed to keep war working
on security guarantees, a signal that there's still no breakthrough
toward a peace agreement with Russia. But European leaders may
be getting closer to a deal on using frozen Russian
(05:10):
assets to back alone for Ukraine, as we hear from
Bloomberg's Oliver Krook in Brussels.
Speaker 9 (05:15):
If they are able to get this over the line,
this would account basically ninety billion euros worth of funding
for Ukraine over the next period of time. As you say,
that goes about two thirds of the way of covering
the funding that they require for running the country and
running the military, which is about one hundred and thirty
five billion, So that would be a major step.
Speaker 3 (05:33):
Lumber's Oliver Kruk reports European leaders are sounding more confident
they can reach an agreement by Christmas, or even as
soon as this week. They'll meet in Brussels next week
to try to seal the deal.
Speaker 2 (05:44):
Turning back to the economy now, Karen, the Federal Reserve
kicks off its final policy meeting of the year today.
Investors expect the Fed will cut rates by a quarter point,
the third cut this year, at the conclusion of the
two day meeting, but the messaging around the decision is uncertain.
Let's get a preview from Bloomberg's Michael McKee.
Speaker 10 (06:02):
The nation's central bankers are more divided over policy than
they have been in years. They're supposed to keep inflation
down and employment up, but inflation is rising and job
growth is slowing. Wall Street is betting Fed officials will
decide it's more important to offer relief to the labor
market and deliver their third consecutive quarter point rate cut.
(06:22):
At least two voters are likely to dissent, worried that
the Fed is setting the stage for inflation to accelerate.
One more. Stephen Myron is expected to dissent in favor
of President Trump's demand for a half point cut. The
descents will come with the decision at two pm Wall
Street Time tomorrow. Michael McKee, Bloomberg Radio, All.
Speaker 2 (06:42):
Right, Mike, thanks for full coverage of the decision and
remarks from Chair J. Powelltune into a special edition of
Bloomberg Surveillance the FED decides that kicks off tomorrow at
one thirty pm Wall Street Time on Bloomberg Radio, Bloomberg Television,
and the Bloomberg Podcast channel on YouTube.
Speaker 3 (06:57):
And Company News. Nathan Pepsigo announced it a series of
operational changes back by activist investor Elliott Investment Management, including
a review of its supply chain and slashing its overall
number of products. Begin more from Bloomberg's Alexis Christopherus.
Speaker 11 (07:12):
The maker of Lays and Doritos, says it will lower
some food prices and reduce costs while cutting the number
of individual products by twenty percent across its US businesses.
PepsiCo also asks some employees to work from home this week,
possibly signaling layoffs ahead. The deal avoids a potentially long
and costly battle with activist investor Elliott Management, which holds
(07:33):
a roughly four billion dollar steak in PepsiCo.
Speaker 3 (07:36):
And as Bloomberg's Alexis christopherus reporting.
Speaker 2 (07:39):
And Karen Disney is bringing back its late night star
for at least one more year, Bloomberg News has learned
Jimmy Kimmel will continue to host his ABC late night
talk show until at least May of twenty twenty seven. Kimmel,
you may recall, was suspended in September this year over
(07:59):
remark about murdered Republican activist Charlie Kirk. Sources say Kimmel
and Disney agreed on the extension months ago, but delayed
the announcement out of respect for fellow late night host
Stephen Colbert, who is being let go from his show
by CBS. Kimmel has been hosting Jimmy Kimmel Live on
ABC since two thousand and three.
Speaker 3 (08:21):
Time Now for a look at some of the of
their stories making news in New York and around the world,
and for that we're joined by Bloomberg's Michael Barr.
Speaker 12 (08:27):
Michael, good Morning, Good morning, Karen. The Supreme Court will
decide whether to overturn a ninety year precedent and possibly
expand the power of the Oval office. At issue President
Trump's firing earlier this year of Rebecca Sauter, a Democrat
appointed to the Federal Trade Commission in twenty eighteen. Now
the Justices are weighing if the president has executive authority
(08:49):
to terminate officials from independent federal agencies without cause. Former
FTC Commissioner of Vero Bedoya says a rollback could be problematic.
Speaker 13 (09:00):
It's going to leash a title wave in government because
the FDC do certain things. We protect against increases in
grocery prices, pharma bro Martin Squelly driving up critical medicine
in terms of costs.
Speaker 12 (09:11):
The Supreme Court will hear arguments next month. A former
personal lawyer for President Trump is stepping away from her
role as Acting US Attorney for New Jersey. In stepping down,
Alina Haba says she aims to protect the stability and
integrity of the US Attorney's office in New Jersey. A
panel of the Third Circuit Appeals Court ruled against their
(09:32):
interim appointment. Attorney General Pam Bondi says Hubba will continue
on in the Justice Department as a senior advisor. Billions
have been set aside for the nation's farmers. The financial
relief is to offset the losses from the Trump administration's tariffs.
China has since agreed to purchase American soybeans again as
part of a framework deal with the US. President Trump
(09:55):
says eleven billion dollars of the twelve billion dollar package
will go to the the newly created Farmer Bridge Assistance
program under the Department of Agriculture.
Speaker 5 (10:05):
What we're doing is we're taking a relatively small portion
of that and we're going to be giving and providing
it to the farmers in economic assistance.
Speaker 4 (10:16):
And we love our farmers, and as you know, the
farmers like me.
Speaker 12 (10:21):
President Trump made the announcement at a meeting with farmers
at the Winehouse. Global News twenty four hours a day
and whenever you want it with the Bloomberg News. Now
Michael Barr and this is Bloomberg.
Speaker 3 (10:31):
Hearen thanks Michael all the time. Now for our Bloomberg
Sports update, and for that we bring in John Stashauer.
Speaker 14 (10:38):
Thanks Darren. Overtim in Los Angeles, the Chargers and Eagles
both scored only one touchdown. There were nine field goals,
and Camberon Dicker's fifth of the night was a fifty
four yarder in overtime. Chargers beat the Eagles twenty two
to nineteen. Philly has lost three in a row. The
Colts just lost their quarterback Daniel Jones to a season
ending injury. They're working out Philip Rivers, the former Colt
(10:59):
who turned forty five war yesterday. He's been retired for
five years. Two games in the NBA tonight to start
the NBA Cup quarterfinals. That's your Bloomberg Sports update.
Speaker 3 (11:09):
Stay with us more from Bloomberg day Break coming up after.
Speaker 1 (11:13):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (11:28):
Good morning, I'm Nathan Hager. The bidding war for Warner
Brothers Discovery is really a war now, with paramount Skydance
making a hostile takeover offer of thirty dollars a share
that's more than the twenty seven to seventy five. Netflix
is offering for the company without its basic cable networks.
Paul Hardnart with the NYU certain School of Business says,
no matter who wins this battle, Hollywood is changing.
Speaker 15 (11:50):
What you are going to see is the end of
a Hollywood studio to some degree, whether it goes to Netflix,
whether it goes to comcasts, whether it goes to Paramount.
And I think that's a shift.
Speaker 2 (12:01):
That's Paul Hardart, head of the Entertainment, Media and Tech
Program at the NYU Stern School. And we're joined now
by Bloomberg Markets reporter Valerie Titel. And not only does
this change Hollywood, Valerie, but both of these offers could
really be in for some serious scrutiny. Good morning, Hey,
Good morning, Nathan.
Speaker 16 (12:19):
Yes, the Warner Brothers board has said that they're aiming
to advise stockholders on the recommendation from this hostile Paramount
offer within ten business days. This is going to keep
us busy, essentially heading into the Christmas season. What's important
to note this morning, though, is we're continuing to see
the market move of yesterday continue in pre market. Paramount
(12:39):
skuy dances again on a front foot up nearly two percent.
It rows nine percent yesterday on the back of this news.
Warner Brothers Discovery in the green as well Netflix in
the red. So there does seem to be some positivity
about a potential warming up to this Paramount hostile takeover.
It does have a lot of things going for it.
As you mentioned, the cash offer for thirty dollars a
(13:00):
share does succeed, and Netflix's twenty seven to seventy five
per share. And also it is a very simplified plan
they want to present to Warner Brothers. The ability that
Paramount has to close the deal quickly, A lot of
that has to do with regulatory oversight. Paramounts involvement in
this deal could potentially be an avenue if Warner Brothers
(13:22):
is concerned that regulators would eventually smack down a Warner
Brothers Netflix merger on the back of essentially becoming too
large of a streaming giant for the market. That with
some concerns that President Trump brought up himself over the
weekend when he was speaking alongside reporters.
Speaker 8 (13:40):
The other thing to.
Speaker 16 (13:40):
Mention is that alongside the company trying to pitch that
they can close this deal quickly, the Ellison family is
essentially backing all of the equity that is being provided
from the likes of Middle Eastern pension funds to Jared
Kushner's fund as well. So there is a big back
when it comes to the one of the US's most richest,
(14:04):
wealthiest families, wealthiest man wanting to guarantee the deal.
Speaker 2 (14:08):
Well, what about potential pushback for this deal? Just the
fact that President Trump's son in law is involved in
this could that lead to some pushback.
Speaker 16 (14:17):
It's a really hard thing to measure because on some sides,
you could see the shareholders viewing the proximity to the
US president that a lot of this deal has as
a benefit. Because one thing they are worried about is
that this deal eventually being smacked down by the regulators.
That's the one big worry with Netflix. But if you
take a look at the paramount deal, not only does
(14:39):
it involve a lot of Middle Eastern investors who we
know that President Trump has essentially you know, he went
on a big trip to the Middle East to try
to get this investment into the US, it also has
Jared Kushner and his son in law involved. So maybe
the ties of the president could be a positive thing.
For Warner Brothers Discovery.
Speaker 3 (14:57):
This is Bloomberry Daybreak, your morning pond asked on the
stories making news from Wall Street to Washington and beyond.
Speaker 2 (15:04):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (15:10):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Speaker 2 (15:25):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (15:30):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 2 (15:43):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Ray
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