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Here’s what smart people are saying about Paramount winning the Warner Bros. Discovery deal

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Matt Stoller, director of research at the American Economic Liberties Project and author of the “BIG” anti-monopoly newsletter, discussed the legal situation surrounding the deal in a Substack video conversation with Richard Rushfield, a columnist at The Ankler.

He said the merger can be challenged by state enforcers, and Paramount would push to close the deal quickly to get ahead of that.

“That means they get to take over all these assets and start running them,” Stoller said. “They can fire people. They can intermingle the assets. They can choose new lines of business. They can move people around. All of the bonuses get paid out. They can do layoffs.”

Trying to unwind operations where assets are already intermingled would be like “unscrambling eggs,” Stoller said.

Stoller said he was puzzled by why other companies in Hollywood haven’t hired lawyers to compile evidence in opposition to the merger and hand it to state attorneys general to help build their case.

“It just baffles me why people are so passive when you can actually knife fight on stuff,” Stoller said, though he added that it could be happening without his knowledge.




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Trump demands Netflix fire Susan Rice from board amid deal talks

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  • Donald Trump has chimed in on the Netflix deal negotiations, despite previously saying he wouldn’t.
  • In a Saturday Truth Social post, the president said Netflix should fire Susan Rice from its board.
  • Rice on Thursday predicted an “accountability agenda” for corporations that “take a knee” to Trump.

President Donald Trump is calling on Netflix to remove former US Ambassador and national security advisor Susan Rice from its board, sharpening his criticism of the streaming giant as it seeks to merge with Warner Bros. Discovery amid antitrust scrutiny.

In a post on Truth Social, Trump demanded that Netflix “immediately terminate” Rice from its board of directors, “or pay the consequences,” amplifying a message from right-wing activist Laura Loomer. Loomer had urged action against Rice, criticizing her role at the company and pointing to recent remarks she made about Trump and corporate America.

Rice, who served in senior roles in the Obama and Biden administrations, recently warned companies against aligning themselves too closely with Trump. Speaking on Thursday on the “Stay Tuned with Preet Bharara” podcast, she said corporations that “take a knee” to the president and break the law should expect consequences, predicting an “accountability agenda” if Democrats take back power.

The clash comes as the streaming giant pursues a high-stakes merger that will require approval from the Department of Justice’s antitrust division.

Trump in December said that Netflix had a “very big market share,” so its potential acquisition of Warner Bros. “could be a problem.”

However, in February, he said he “shouldn’t be involved” in the deal and would defer to his Department of Justice to investigate the proposed merger, Business Insider previously reported.

Earlier this week, during an appearance on Puck’s “The Town” podcast, Netflix’s co-CEO, Ted Sarandos, said that Trump hadn’t asked for political concessions during discussions of the possible deal, but was focused on bringing jobs back to Hollywood after years of lower production.

Representatives for Netflix and Rice did not immediately respond to requests for comment from Business Insider.




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Nvidia tightens its hold on Meta with a ‘multigenerational’ deal

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Meta is doubling down on its relationship with Nvidia in what the AI chip giant called a “multigenerational” deal.

The agreement, announced Tuesday, calls for Meta to build data centers powered by millions of Nvidia’s current and next-generation chips for AI training and inference.

The move underscores how Meta is deepening its reliance on Nvidia, even as the social networking giant develops its own in-house chips and works with competing suppliers like AMD. Reports also suggested Meta has explored using TPUs — chips designed by its rival, Google.

The Nvidia deal could cool speculation around Meta’s purported TPU talks, said Patrick Moorhead, chief analyst at Moor Insights & Strategy — though Big Tech companies often test several suppliers at the same time.

The deal arrives amid increased competition in AI infrastructure. While Nvidia leads the market, rivals including Google, AMD, and Broadcom are working to chip away at its dominance.

Crucially, the partnership will see Meta deploy not only Nvidia’s GPUs, but also CPUs.

CPUs, long dominated by Intel and AMD, are the central processors that work with GPUs inside data centers. They’re used for general computing tasks and are core to essentially all modern computing systems, whereas GPUs are used in specialized cases that require more compute power, such as AI training and graphics in gaming. By supplying both, Nvidia stands to capture even more spend and deepen its role within Meta’s AI stack.

While that increases competitive pressure, Moorhead said the demand for infrastructure has become so high that Nvidia’s rivals will unlikely see outright declines in the near term.

Nvidia has been making its CPU ambitions more explicit, Moorhead said, including marketing its forthcoming Vera CPU as a stand-alone product. This emphasis reflects how CPUs play a larger role as AI workloads move beyond model training and toward inference.

“CPUs tend to be cheaper and a bit more power-efficient for inference,” said Rob Enderle, principal analyst at Enderle Group.

Both Moorhead and Enderle said that Meta’s decision to source both GPUs and CPUs from a single vendor can also reduce complexity, with chief information officers often favoring a “one-throat-to-choke” approach to problem resolution.

In addition to GPUs and CPUs, Meta will use Nvidia’s networking equipment inside data centers as part of the deal, as well as its confidential computing technology to run AI features within WhatsApp.

The companies will also work together to deploy Nvidia’s next-generation Vera CPUs beyond the current Grace CPU model, Nvidia said.

Have a tip? Contact this reporter via email at gweiss@businessinsider.com or Signal at @geoffweiss.25. Use a personal email address, a nonwork WiFi network, and a nonwork device; here’s our guide to sharing information securely.




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Dan Geiger

Eric Schmidt-backed data center venture is negotiating a major deal with Google

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Bolt Data and Energy, a data center development firm that was cofounded late last year by former Google CEO Eric Schmidt, is negotiating a deal that would allow it to begin construction on a large data center project it is planning in West Texas.

Schmidt’s firm is in discussions with Google, his former employer, according to two people with direct knowledge of the talks. The tech giant, one of the leaders in the race to develop and commercialize artificial intelligence, is considering a commitment of 250 megawatts, according to one of the people. The other person said it was too early to characterize the exact size of the potential transaction because it was still under discussion.

The sources spoke on the condition of anonymity because the potential transaction is still being arranged and the talks are confidential.

“We don’t comment on rumors,” a Google spokeswoman told Business Insider, declining to comment further. Google announced last year that it plans to build $40 billion of cloud and AI infrastructure in Texas by 2027.

The potential deal highlights how Big Tech is racing to secure the power, physical infrastructure, and land needed to fuel AI, even as the costs and financial risks of those bets loom.

In December, Bolt completed its first funding round, raising $150 million from investors, including $50 million from Texas Pacific Land Corporation, a public company that owns large tracts of land in West Texas. As part of the investment from TPL, Bolt will develop data centers on land in TPL’s portfolio.

A presentation detailing Bolt’s development plans, shared with Business Insider, said that TPL’s land would give it access to abundant power and water for cooling. These commodities have become increasingly strained as data center development has boomed around the country.

The presentation states that Bolt’s development would begin with an “initial 250 megawatt facility” and expand in 250-500 megawatt increments into a 5 gigawatt campus.

Bolt’s plan is one of several large-scale projects that have been envisioned in Texas to cater to the AI race. Fermi, a public company co-founded by former Texas governor and US Energy Secretary Rick Perry, has plans for an 11-gigawatt campus in Amarillo.

In December, Business Insider revealed that Amazon had pulled back a $150 million cash advance it had pledged as part of a preliminary deal to anchor the project. Fermi’s disclosure of the reimbursement of that advance caused its stock to fall by 50%. Fermi’s CEO, Toby Neugebauer, told Business Insider that although Amazon had reclaimed its advance, the negotiations for it to take space with Fermi were still ongoing.

Major bank lenders who extended $38 billion to finance the construction of data center campuses in Shackleford County, Texas, and Port Washington, Wisconsin, for Oracle and OpenAI, meanwhile, have had difficulty selling off pieces of the huge loan to other banks and investors. Those troubles stem, in part, from worries about whether Oracle’s credit will be strained by its massive AI spending.

To help allay concerns, Oracle announced it would raise as much as $50 billion in debt and equity in 2026 to continue to pursue its AI buildout while also maintaining “a solid investment-grade balance sheet.”

Last week, Alphabet, Google’s parent company, revealed in its fourth-quarter earnings report that it plans to spend between $175 and $185 billion on capital expenditures in 2026, roughly double its outlay in 2025. The spending is being done largely to pay for AI equipment and infrastructure.

A record wave of spending has been announced by big technology companies on AI this year, including Amazon’s disclosure during its earnings last week that it would spend $200 billion alone this year.




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Nathan Rennolds

Trump threatens Canada with 100% tariffs over Beijing trade deal: ‘China will eat Canada alive’

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President Donald Trump on Saturday threatened to impose 100% tariffs on all Canadian goods and products exported to the US should Ottawa make a trade deal with China.

In a post on Truth Social, Trump warned Canadian Prime Minister Mark Carney, whom he called “Governor Carney,” against making a “drop off” deal with Beijing or face the levies.

“If Governor Carney thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken,” Trump wrote.

“China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life,” he added.

Carney made an official visit to China last week — the first by a Canadian leader since 2017 — meeting with Chinese leader Xi Jinping to discuss economic and trade opportunities between the two countries.

In a joint statement following the meeting, Ottawa and Beijing said they had committed to expanding bilateral trade and investment, as well as building cooperation in areas such as energy and agriculture.

Carney also announced that Canada would now allow up to 49,000 Chinese electric vehicles into the Canadian market on the “most-favoured-nation tariff rate of 6.1%.” In return, he said Canada expected China to lower tariffs on Canadian canola seed to around 15% by March 1.

Trump had initially said that the deal was what Carney “should be doing” and that it was “a good thing for him to sign a trade deal.”

Trump’s changing tone comes days after Carney delivered an impassioned speech at the World Economic Forum in Davos, where he opined on the changing face of global politics since Trump’s election.

“We are in the midst of a rupture, not a transition,” Carney, who did not explicitly name Trump, said, adding that “middle powers must act together because if we’re not at the table, we’re on the menu.”

Trump did not miss the opportunity to snap back at Carney during his own speech at Davos, saying the prime minister “wasn’t so grateful.”

“Canada lives because of the United States. Remember that, Mark, the next time you make your statements,” he added.




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Dan Whateley

The TikTok deal is done. Here’s what will change and what will stay the same.

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TikTok’s US workers can finally breathe a sigh of relief.

The company announced Thursday that it has closed a deal to spin off parts of its US business in a new joint venture with an investor group.

“The safeguards provided by the Joint Venture will also cover CapCut, and Lemon8, and a portfolio of other apps and websites in the US,” the company said.

Adam Presser is leading the new venture, according to the company’s announcement. Presser has worked at TikTok for nearly four years, most recently leading operations and trust and safety. The venture’s seven-man, majority-American board includes TikTok’s CEO Shou Chew.

The agreement should keep the US government off its back as TikTok’s parent, ByteDance, now owns just under 20% of the new US venture. That ownership stake meets a divestment requirement set by a 2024 US sell-or-ban law targeting TikTok and other apps with owners based in countries like China, which the US has deemed a foreign adversary.

TikTok’s new US owners include tech company Oracle, private-equity firm Silver Lake, and Abu Dhabi investment firm MGX, each of which owns 15% of the new venture. ByteDance will own around 20% of the entity, and affiliates of existing ByteDance investors will own around 30%, according to a December memo from Chew. Other investors include Michael Dell’s family office and a venture run by the partners of growth investor Dragoneer.

What comes next is less clear.

While Oracle, MGX, and Silver Lake will serve as managing investors in the new US joint venture, their focus will be on areas such as data security. Key commercial activities, including e-commerce, advertising, and marketing, will remain with ByteDance.

The company began splitting up its US staff into different legal entities in January based on whether their work would remain under ByteDance’s purview, Business Insider first reported.




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Netflix strengthens its Warner Bros. bid as Paramount’s David Ellison tries to wreck its deal

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Netflix is breaking open its piggy bank to keep Paramount Skydance CEO David Ellison from crashing its Warner Bros. deal.

The streaming giant just sweetened its offer for the Warner Bros. studio and HBO by offering all-cash, matching a key feature of Paramount’s hostile bid. Warner Bros.’ board of directors has approved the all-cash bid, and the companies said they expect Warner shareholders to vote on the transaction by April.

“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty,” Netflix co-CEO Ted Sarandos said in a statement announcing the news.

“Today’s revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world,” David Zaslav, president and CEO of Warner Bros. Discovery, said in a statement on Tuesday.

While Netflix isn’t raising its bid from $27.75 per share, converting $4.50 per share in stock to cash takes away a variable for Warner Bros. Discovery shareholders. Netflix shares are down 13% since the Warner Bros. deal was made public and have fallen 28% since late October.

Paramount believes its all-cash offer of $30 per share for all of WBD is superior to Netflix’s winning bid for WBD’s key assets, which include its studio, HBO, and HBO Max, but not its TV networks. Ellison has made eight bids for WBD, all of which have been rejected. Paramount is now suing WBD while fighting for spots on its board.

A key remaining point of difference between the two bids hinges on the perceived value of WBD’s networks. Paramount is looking to buy them, while Netflix is not.

If WBD’s cable channels, such as CNN, TNT, and HGTV, are valued at less than $2.25 per share, or $5.9 billion, then Paramount’s proposal appears, at first glance, to be more appealing than Netflix’s. However, WBD has said that it must knock off $1.79 per share from Paramount’s bid to account for costs it would incur by changing course, like a $2.8 billion breakup fee to Netflix. That would mean WBD’s cable networks only need to be worth $0.46 per share for Netflix’s bid to be financially superior in the board’s eyes.

Paramount has argued that the WBD cable networks it wants to buy are worth $0 per share, or only as much as the debt they’re expected to carry. Ellison and company acknowledged “the theoretical possibility” that those TV assets could be worth $0.50 per share.

Most media analysts have a rosier view of WBD’s cable business, valuing its channels anywhere from the low single digits to $3.51 per share. Even a glass-half-empty view based on the valuation of new cable company Versant would put WBD’s networks at $1.20 per share as of last week, a Business Insider analysis found.

Netflix’s updated all-cash offer helps solidify WBD’s decision to choose it, after accounting for the added costs from Paramount’s bid.

Unless WBD shareholders band against its board of directors, Paramount may face pressure to sweeten its offer by raising its bid.




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TikTok reaches a deal with investors on its US business

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TikTok reached a deal with a group of investors to form a new joint venture for its US business, according to an internal memo viewed by Business Insider.

The buyer group will include Oracle, private-equity firm Silver Lake, and MGX, an investment firm based in Abu Dhabi, per the memo.

The deal, which TikTok expects to close in January, comes more than a year after Congress passed a law that forced its owner, ByteDance, to divest from its US operations or face a ban, because TikTok was deemed a “foreign adversary-controlled” company.

The new US joint venture will operate independently in areas like US data protection and training its content recommendation algorithm while still connecting to TikTok’s global product and business lines like e-commerce and advertising, per the memo from company CEO Shou Chew.

The announcement is the culmination of a lengthy battle for survival by TikTok, which briefly went dark in the US in January to comply with the divest-or-ban law.

TikTok and ByteDance had sought recourse through the courts, arguing that the law — the Protecting Americans from Foreign Adversary Controlled Applications Act — violated the First Amendment. In January, the Supreme Court ruled against TikTok and upheld the divest-or-ban law.

Since then, TikTok has been facing a looming deadline to find a US buyer. The app’s future remained in limbo for months as the White House repeatedly extended the deadline and administration officials sought to work out a deal.

In September, President Donald Trump signed an executive order that approved the sale of TikTok’s US operation for around $14 billion.

Trump said at the time that Oracle and Larry Ellison would be part of the deal, and Michael Dell and Rupert Murdoch may also be involved. Vice President JD Vance said the buyer group would include “four or five world-class investors.”

TikTok did not respond to a request for comment. The White House referred Business Insider to TikTok.




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Relocating for a new or better job was never a big deal. Then we had kids, and everything changed.

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By our fifth wedding anniversary, my husband and I had moved twice for his job. We were in our 20s and excited for new experiences. It was easy to embrace the chaos of moving then.

When a third opportunity to relocate was presented, the choice wasn’t so easy anymore. Our family had grown; we now had a baby to consider. This move would take us from Houston to California, a place we’d barely visited. The whole idea felt exciting, but what would it be like to move halfway across the country with a baby in tow?

Having a baby made us think differently about moving

We asked ourselves what advice we’d give our child if she were an adult making this decision. We realized we’d encourage her to take the chance, so we decided we would, too.

My husband’s employer provided us with a moving company to pack, load, and transport our belongings. Unfortunately, the truck had a blowout on I-10 and was delayed, so when we arrived in California, we were without many of the comforts that make life with a baby easier for longer than we’d planned.

The beginning was rough, but it worked out. We embraced having mountains and beaches close by, but what we couldn’t embrace was the cost of living. To afford to live where we were, I’d need to go back to work. However, we’d created a little obstacle; I was pregnant. We didn’t know if we could afford to live in California with our expanding family, but we knew of a place we could afford.


The author and her family when her children wereyoung.

The author worried that moving with young children could be difficult.

Courtesy of Candy Mickels Mejia



When our family changed, our reason to move changed

Two and a half years after we arrived in California, we were on the move again. This relocation took us back to Houston. Thankfully, my husband’s company provided moving assistance once more.

Moving while pregnant and with a 3-year-old was exhausting, but we settled into our new house and our new life. Once we hit the milestone of two and a half years in our home, we celebrated.

A few months later, my husband was asked to consider applying for another opportunity. The position was outside the United States, and if he applied, it would mean we were OK with moving abroad. But were we?

For our move to California, we’d asked ourselves what advice we’d give our children. Now the question was: what life did we want to give our children?

We decided to give our children roots instead of adventures

Despite the benefits and experiences that come with living as expatriates, providing our children with stable and predictable childhoods was a bigger priority for us. We chose to have our adventures during school vacations instead of having an adventure-based life.

My husband did not apply for that overseas position and chose not to apply to any other jobs that would require us to relocate. We’ve now been in our second Houston house for 16 years. Moving was fun for a while, but we’re thankful we were able to stay in one place after the fun wore off.

And if our children ever ask us for advice on moving, will we stick with our original, hypothetical answer? I think we would.




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What smart people are saying about Disney’s licensing deal with OpenAI

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It’s likely just a matter of time before we see the wisened duo of Rafiki and Jiminy Cricket weilding lightsabers on the icy plains of Arendelle.

That’s courtesy of artificial intelligence, of course, and a new deal between Disney and OpenAI.

OpenAI said Thursday it had struck a licensing agreement to use Disney’s characters and other intellectual property. Disney will also invest $1 billion in OpenAI and will purchase ChatGPT Enterprise for its employees.

It’s a major shift for Disney, which has historically been deeply protective of its intellectual property. And it’s a big win for OpenAI, which is on a quest for more content to feed its AI models.

For users, the deal will enable them to recreate Disney characters on Sora, OpenAI’s short-form video generation app, and to create images of Disney characters using ChatGPT.

Beyond the limitless possibilities for creative content, the deal reveals a lot about Disney’s strategy in the AI age and the impact of artificial intelligence on the future of entertainment.

Here’s what some smart people in media, tech, and business are saying about the deal.

Nick Cicero, entrepreneur and digital strategist

For Nick Cicero, the founder of Delmondo, a social media video analytics company that was acquired by Conviva in 2018, Disney’s deal with OpenAI is less about AI and more about revenue.

Cicero argued in an X post on Thursday that Disney was aiming to solve two “existential” problems: creators using unauthorized Disney content and kids watching YouTube instead of Disney+.

“Sora gives Disney its first scalable way to pull creator-made content into its own premium ecosystem — brand-safe, trackable, legal, and ready for CTV monetization,” he said, referring to the practice of delivering targeted advertising to internet-connected televisions.

“This move isn’t about tech,” he added. “It’s about revenue physics.”

Peter Csathy, media consultant

Chatbots like ChatGPT rely on data to power their outputs, and when it comes to collecting that data, AI companies are insatiable.

The drive to collect data often pits AI companies against content creators. Numerous media companies have sued OpenAI, Anthropic, Perplexity, and other leading AI outfits for using their copyrighted content without permission. Other media companies, like Business Insider’s parent company, Axel Springer, have struck deals with AI companies to license their content.

Peter Csathy, a longtime media consultant and analyst, said Disney’s deal with OpenAI is a “watershed” moment for AI and media licensing.

“Now THIS is a generative AI use that makes sense to me and I support,” Csathy wrote on LinkedIn. “Fully licensed characters, thereby respecting copyright and embracing partnership with the creative community (rather than theft of IP). New revenue streams for IP rights-holders. And overall delight by fans of those beloved characters.”

Caroline Giegerich, AI and marketing strategist

There are just so many cease-and-desist letters a media lawyer can send.

Carline Giegerich, a vice president at the Interactive Advertising Bureau who once led emerging tech at HBO, says Disney’s deal with OpenAI feels like a “can’t beat ’em, join ’em” moment.

“When I was at HBO from ’05 – ’09, I marveled at the sheer volume of cease and desists from the legal team when mobile video was up and coming,” she wrote on LinkedIn. “I thought it seemed difficult to fight against the entire internet, and it turns out it was. And AI presents a similar challenge.”

She also said the deal presents a valuable marketing opportunity for Disney.

“Important to note that a selection of these fan-created videos will be available to stream on Disney+. What that means to me is that Disney sees this also as a marketing and content opportunity, which it is,” she said.

James Miller, head of business development at Amazon

Disney’s pivot from aggressively defending its IP at every turn to giving it over to the world’s leading AI startup might be strategic for another reason.

James Miller, the head of business development at Amazon for media, entertainment, and Amazon Creators, said he suspects it’s a matter of “controlling the inevitable.”

Any IP eventually enters the public domain. In 2024, the copyright for Mickey Mouse himself — at least the sans white gloves version of the 1930s — expired, allowing anyone to use his likeness. Winnie the Pooh, Snow White, Cinderella, and a handful of other Disney characters also entered the public domain at the same time.

“By officially licensing these characters now, Disney does three things,” Miller wrote on LinkedIn. “1. Monetizes the AI trend rather than just fighting it in court. 2. Sets the quality standard for how their characters appear in AI video (likely drowning out lower-quality unauthorized versions). 3. Captures data on how fans want to use their IP before they lose exclusive rights.”

Karl Haller, partner and Consumer Center of Competency leader at IBM

One consumer expert said that Disney might have gotten the short end of the stick in this partnership.

“Looks like OpenAI used the #jedimindwarp on The Walt Disney Company, not the other way around,” Karl Haller, an IBM partner and the leader of the firm’s Consumer Center of Competency, said in a post on LinkedIn.

He said he was “more than a bit surprised” to see that Disney is letting OpenAI license its IP for Sora and other AI tools, with some of the videos being made available to stream on Disney+.

“And what does Disney receive for this? Negative $1 billion,” he wrote. “Rather than receiving a heftly license fee, Disney is instead investing $1B in OpenAI and receiving warrants to buy more in the future.”

Simon Pullman, entertainment co-chair at Pryor Cashman

One entertainment lawyer pointed out that the deal comes with a lot of unanswered questions.

“This is a fairly stunning story all round with many questions,” Simon Pullman, a partner at law firm Pryor Cashman, wrote on LinkedIn on Thursday.

“Will audiences want/accept ‘AI UGC’ on Disney Plus,” he wrote, referring to user-generated content. “Will it be possible for Disney to unring the bell after three years and not extend the license? How will they protect against misuse and brand damage?”

Mike Walsh, technological change consultant and author

Disney’s $1 billion bet on AI is the right move for the media giant, according to Mike Walsh, the CEO of consulting firm Tomorrow.

“By partnering with OpenAI while suing Midjourney and warning Google, Disney is drawing a clear line,” Walsh wrote on LinkedIn on Thursday. “Remix culture isn’t going away, but it will be licensed, governed, and designed on its terms.”

He added that Disney has always survived new media eras with this strategy.

“The future of entertainment belongs to companies that shape participation instead of fighting it,” he wrote.




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