Don't think Paramount's amended WBD bid will get it over the goal line, says Seaport's David Joyce
December 23, 2025 • 3m 33s
? (Anchor)
00:00.150
oracle
's
co-founder
larry
ellison
is
going
to
personally
now
guarantee
more
than
forty
billion
dollars
for
his
son
's
company
in
its
effort
to
buy
warner
brothers
discovery
for
where
things
could
go
from
here
in
the
saga
want
to
bring
in
david
joyce
he's
seaport
research
? (Anchor)
00:12.910
partners
senior
media
equity
analyst
this
news
broke
on
our
air
yesterday
we
talked
to
jerry
cardinal
about
it
all
david
when
you
start
to
think
through
what
happens
next
we
did
hear
the
warner
brothers
discoveries
board
is
going
to
take
a
look
at
this
new
amended
offer
is
this
? (Anchor)
00:30.950
a
game
changer
David Joyce (Senior Media Equity Analyst)
00:33.100
i
think
it's
still
another
step
forward
not
the
game
changer
yet
but
it
addressed
most
of
the
board
's
concerns
i
i
think
the
the
the
the
single
biggest
piece
that
still
needs
to
move
around
and
get
pinned
down
is
the
value
of
the
discovery
global
equity
piece
that
would
be
on
David Joyce (Senior Media Equity Analyst)
00:49.800
the
netflix
side
of
the
deal
there
could
be
some
tax
implications
with
that
there's
also
the
moving
pieces
on
the
net
so
it
really
i
think
we
need
to
get
the
new
offer
the
new
financial
offer
from
from
paramount
skydance
in
order
to
to
to
really
move
the
sword
but
really
the
David Joyce (Senior Media Equity Analyst)
01:12.990
board
needs
to
address
what
came
in
yesterday
but
i
don't
think
yesterday
is
is
going
to
get
paramount
sky
audience
over
the
goal
line
so
? (Anchor)
01:21.510
you
look
at
warner
brothers
right
now
we're
twenty
eight
seventy
six
in
terms
of
your
mouth
given
the
arbitrageurs
that
are
playing
this
what
what
does
that
imply
the
ultimate
takeout
prices
David Joyce (Senior Media Equity Analyst)
01:33.860
so
this
at
this
level
it's
already
a
dollar
more
than
the
netflix
deal
for
just
for
the
warner
brothers
studio
and
streamers
we
think
that
the
global
network
should
be
worth
in
the
three
and
a
half
to
four
and
a
half
range
so
that
means
that
paramount
we
think
would
need
to
come
David Joyce (Senior Media Equity Analyst)
01:52.380
in
at
you
know
thirty
two
at
least
to
to
make
this
more
of
a
equitable
offer
i
think
the
the
movie
? (Anchor)
02:00.980
god
bless
you
david
for
thinking
god
bless
you
thinking
that
linear
TV
has
a
future
as
we
all
are
here
on
linear
TV
right
now
my
question
to
you
is
you
know
we
talked
to
jerry
cardinal
yesterday
from
paramount
he
said
he
thinks
the
stub
which
is
what
you're
talking
about
is
? (Anchor)
02:15.990
worth
a
buck
a
share
he
said
how
how
could
it
be
worth
you
know
six
to
a
six
times
multiple
to
get
into
that
you
know
three
or
four
dollars
arranged
given
the
amount
of
debt
that
it
has
on
it
and
by
the
way
if
you're
right
i
i
hope
you
have
an
even
higher
valuation
of
versant
David Joyce (Senior Media Equity Analyst)
02:32.830
well
i
don't
have
a
six
times
multiple
on
on
discovery
i
have
the
four
the
four
to
four
and
a
half
times
multiple
the
question
is
the
amount
of
debt
that's
on
there
and
the
amount
of
debt
that
gets
paid
down
in
between
now
and
the
close
with
the
cash
flows
from
the
linear
David Joyce (Senior Media Equity Analyst)
02:48.150
streaming
model
and
and
that's
and
and
there's
also
the
the
factor
of
how
much
ebitda
is
applied
to
the
discovery
side
when
when
the
netflix
deal
was
announced
and
that
there
was
ebitda
applied
to
the
warner
brothers
studio
and
streamers
side
than
we
expected
so
so
we
apply
the
David Joyce (Senior Media Equity Analyst)
03:09.590
the
difference
over
to
the
network
side
so
i
think
that
how
they
allocate
you
know
the
the
the
finance
the
the
accounting
the
SG
and
a
expenses
is
also
a
factor
here
so
there
there's
there's
a
number
of
moving
pieces
in
that
variable
that
would
that
i
think
could
get
you
to
you
David Joyce (Senior Media Equity Analyst)
03:26.750
know
the
three
to
four
range
on
discovery
global
so
that
that's
that's
where
there's
still
some
area
of
negotiation
take
place
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