The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1538 ET - Netflix's co-chief executives said they are confident they will get regulatory approval for their bid to buy Warner Bros. Discovery. CEOs Greg Peters and Ted Sarandos said at a conference Monday that, once combined with WBD's streaming platform HBO Max, Netflix's viewing hours would go from 8% of all streaming hours to 9%. That would be a smaller percentage of the industry than if Paramount-Skydance combined with WBD, the executives said. In response to President Trump's comments that the deal "could be a problem," the executives said they have worked with Trump before and that he is a big fan of the entertainment industry. (katherine.hamilton@wsj.com)

1517 ET - Netflix's co-chief executives said they plan to grow Warner Bros. Discovery's businesses and don't plan to look for ways to cut costs or workforce. Chief Executives Greg Peters and Ted Sarandos said during a conference Monday that they don't plan to make many changes to WBD's movie stuido. If they had bought the company two years ago, the same movies would have come out in the same way as they did over the past two years, the executives said. Netflix can use this strategy because it doesn't have much redundancy with WBD's business, especially its movie studio, the executives said. (katherine.hamilton@wsj.com)

1253 ET - Adobe investors will be more focused on the company's 2026 guidance than fourth-quarter results when it reports Wednesday, Deutsche Bank analysts led by Brad Zelnick say. Zelnick expects Adobe will guide roughly in line with expectations for 2026, though year-over-year growth could be a little lower depending on fourth-quarter results. Industry partners are optimistic about mid-market and enterprise customer demand heading into the new fiscal year, Zelnick says. While Zelnick expects a strong fourth quarter report, he thinks the fact that 2026 guidance likely won't surprise investors will keep the stock steady. (katherine.hamilton@wsj.com)

1222 ET - Paramount's unsolicited, all-cash offer to buy Warner Bros. Discovery faces its own set of regulatory risks, TD Securities analyst Paul Gallant writes in a note. President Trump's relationship with Paramount CEO David Ellison and his father Larry likely signals that the merger would clear a Department of Justice review. But that same closeness could fuel a challenge from Democratic attorneys general, Gallant writes, citing statements from Sen. Elizabeth Warren and Gov. Gavin Newsom. The acquisition could also be challenged on grounds of consolidating bargaining power in Hollywood and could additionally see scrutiny from regulators in Europe and the United Kingdom. (elias.schisgall@wsj.com)

1202 ET - Paramount CEO David Ellison says his company's bid for Warner Bros. Discovery is more likely to pass regulatory approvals than Warner's existing agreement with Netflix, arguing Paramount's offer would foster better competition. "When you combine the number one streamer with the number three streamer, that creates a company that has unprecedented market power, north of 400 million subscribers," he says. Disney would be the next largest competitor with just under 200 million subscribers, he says. "That's bad for Hollywood, that's bad for the creative community, that's bad for consumers," he says. (kelly.cloonan@wsj.com)

1157 ET - Fox Chief Financial Officer Steve Tomsic says the media company is unlikely to venture back into the sports betting business anytime soon following the shuttering of Fox Bet in 2023. Tomsic says at the UBS Global Media and Communications conference that Fox is content with its role as an investor in Flutter, which owns FanDuel, and doesn't need to be operating a sports betting license on its own. "We have enormous respect to what Flutter brings to the table in terms of sports betting prowess," he says. "We're happy, as a sports business, to bring the sports broadcasting element to it." Fox's current stake in Flutter is worth about $900 million, Tomsic said, and the company has an option through 2030 to take out an 18.6% stake in Flutter. Fox Corp. and Wall Street Journal parent News Corp share common ownership. (elias.schisgall@wsj.com)

1147 ET - Tubi, the Fox-owned streaming service, is on track to hit its breakeven point on an annual basis after posting a profit in the most recent quarter, Fox Chief Financial Officer Steve Tomsic says at the UBS Global Media and Communications Conference. "I wouldn't commit here to say every quarter from here on forward is going to be profitable," Tomsic says, citing investment spending and some seasonality effects. "But we totally feel as though Tubi is on that pathway to being, on an annual basis, breakeven really soon," he says, adding that the company sees a road to EBITDA margins for Tubi around 20% to 25%. Fox Corp. and Wall Street Journal parent News Corp share common ownership. (elias.schisgall@wsj.com)

1122 ET - Paramount CEO David Ellison says his company's takeover offer for Warner Bros. Discovery is a better deal for shareholders than Warner's agreement with Netflix, given it proposes an all-cash deal. "We're sitting on Wall Street, where cash is still king," Ellison says during an appearance on CNBC. Ellison says Paramount's offer would give shareholders $17.6 billion more in cash than Warner's deal with Netflix. "We believe when they see what is currently in our offer, that that's what they'll vote for," Ellison says. Paramount offered $30 a share in cash for all of Warner, while Netflix agreed to pay $27.75 a share in cash and stock for Warner's studio and HBO Max streaming business. (kelly.cloonan@wsj.com)

1101 ET - Fox is benefiting from shifts in the TV advertising market as advertisers move away from linear cable entertainment advertising, Fox Corporation Chief Financial Officer Steve Tomsic says at the UBS Global Media and Communications Conference. "A lot of that money has gone and sort of leaked out as that viewership and engagement has eroded, and has come to places where we play," Tomsic said, highlighting broadcast news, sports, and streaming. "We're seeing an incredibly robust advertising market across virtually all of our verticals." Fox shares common ownership with the parent of The Wall Street Journal's publisher. (elias.schisgall@wsj.com)

1053 ET - Confluent looks like a natural fit for IBM, given it addresses the company's focus on eliminating data silos for powering AI, Wedbush Securities analysts say in a note after IBM agreed to buy the data-infrastructure company. The deal will allow IBM to continue adding more data processing capabilities to its hybrid cloud ecosystem and expand its reach across new markets, helping it accelerate revenue growth in the process, the analysts say. "We loudly applaud this deal," the analysts say, noting IBM will likely pursue more acquisitions in the future. IBM continues to benefit from increasing global investments as it expands its footprint to meet growing demand across hybrid cloud and AI, they add. (kelly.cloonan@wsj.com)

1018 ET - The U.S. housing market held to the steady pattern that has defined much of 2025 in November, Realtors.com says, but beneath the surface, two powerful forces continued to reshape activity. The first is an increase in delistings as more homeowners retreat, and the second is rise of "refuge markets," where buyers are finding the last remaining pockets of affordability. Both trends underscore how persistent affordability challenges are driving decisions. Some sellers are retreating after listing if the market doesn't meet their price expectations, while buyers are strategically redirecting to the metros that remain affordable. In 2026, Realtor.com says gradual improvements in affordability and more consistent inventory will be key to unlocking a more balanced market. (chris.wack@wsj.com)

0938 ET - Paramount Skydance is taking its $30-a-share all-cash tender offer directly to Warner Bros. Discovery shareholders, framing it as a superior alternative to Netflix's mixed deal. Paramount Chief Executive and Chairman David Ellison says the Paramount deal provides $18 billion more in cash than Netflix, with the added benefits of more certainty and in a tighter timeline. Moreover, Paramount says its deal wouldn't be bogged down by regulatory pitfalls like it would in a deal with Netflix, dodging monopoly concerns in the U.S. and abroad. Paramount is appealing directly to WBD shareholders, saying, "Despite Paramount submitting six proposals over the course of 12 weeks, WBD never engaged meaningfully with [them]." (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

December 08, 2025 16:50 ET (21:50 GMT)

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