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Paramount Beats Netflix in Battle for Warner Bros. | Pivot

Kara and Scott discuss Anthropic pushing back on the Pentagon's demands, and Trump's longest-ever State of the Union. Then, Paramount wins the battle for Warner Bros. after Netflix drops out — Puck’s Bill Cohan joins with insights. Plus, Nvidia posts blockbuster earnings, and a viral memo warning of AI-triggered mass layoffs rattles Wall Street. Visit https://www.resistandunsubscribe.com/ for tickets to our Minneapolis show on March 8th! Pivot is returning to the Vox Media Podcast Stage at SXSW for a live taping on March 15th, presented by Odoo. Visit http://voxmedia.com/sxsw to learn more and get a 15% discount on your Innovation badge. Or use code VOXMEDIA15 at checkout on SXSW.com. #pivot #podcast #karaswisher #scottgalloway #stateoftheunion #anthropic #pentagon #paramount #warnerbros #netflix #nvidia 00:00 Intro 00:25 Resist and Unsubscribe Update 3:58 Kara and Scott: Live in Minneapolis! 7:15 SOTU Reactions 12:47 Paramount Wins WB Bid 29:09 Nvidia Earnings 33:10 AI Memo Rattles Markets 45:21 Anthropic Pushes Back on Pentagon 52:20 Epstein Fallout Continues 59:31 Predictions Producers: Lara Naaman Zoë Marcus Taylor Griffin Video Producer: Manolo Moreno Vox Media's Executive Producer of Podcasts: Nishat Kurwa Subscribe to Pivot on Apple Podcasts: https://podcasts.apple.com/us/podcast/pivot/id1073226719 Subscribe to Pivot on Spotify: https://open.spotify.com/show/4MU3RFGELZxPT9XHVwTNPR Follow us on Instagram and Threads at: https://www.instagram.com/pivotpodcastofficial/ Follow us on TikTok: https://www.tiktok.com/@PIVOTPODCAST Send us your questions by calling us at 855-51-PIVOT, or email pivot@voxmedia.com

Scott GallowayhostKara SwisherhostBill Cohanguest
Feb 26, 20261h 6mWatch on YouTube ↗

At a glance

WHAT IT’S REALLY ABOUT

Paramount tops Netflix for WBD, amid AI fears and Epstein fallout

  1. The episode opens with an update on Scott Galloway’s “Resist and Unsubscribe” campaign and an announcement of a live Pivot show in Minneapolis benefiting the Minneapolis Immigration Center.
  2. They react to the State of the Union, arguing it was long, light on substance, and politically performative, while suggesting Democrats modernize their rebuttal production values.
  3. In a breaking-news segment, Kara interviews Bill Cohan about Paramount outbidding Netflix for Warner Bros. Discovery, framing it as existential for Paramount, masterful dealmaking by Zaslav, and disciplined walk-away strategy by Netflix.
  4. The back half turns to Nvidia’s blowout results, a viral AI “doom loop” memo spooking markets and private credit, Anthropic resisting Pentagon demands while softening its safety stance, and a sharp disagreement on how Epstein files should be handled versus what accountability requires.

IDEAS WORTH REMEMBERING

5 ideas

“Resist and Unsubscribe” is turning into an ongoing movement, not a one-month stunt.

Galloway says momentum is cumulative and hard to “shut down,” while Swisher urges hiring dedicated operational help to keep the effort sustained and structured beyond February.

Pivot’s Minneapolis live show is positioned as both solidarity and tangible action.

They frame the March 8 event as bringing attention and economic activity to Minneapolis, with proceeds going to the Minneapolis Immigration Center—an effort to move from online outrage to real-world support.

Their SOTU critique centers on spectacle, intimidation vibes, and lack of forward agenda.

They describe Republicans’ applause as coerced performance, highlight Trump’s tone becoming meaner over time, and argue the speech lacked substantive policy—especially on forward-looking areas like AI.

Paramount’s win is less about “deal synergy” and more about existential necessity.

Cohan argues Paramount had to overpay because staying small would be strategically fatal; Netflix could treat WBD as optional, making it easier to walk away when pricing turned “nosebleed.”

Zaslav is portrayed as the episode’s standout operator.

They credit him with running an unusually strong auction process that transformed WBD’s valuation (from ~$7–$10/share lows to $31/share), extracting concessions and maximizing shareholder outcome.

WORDS WORTH SAVING

5 quotes

You sound smarter when you catastrophize… you’re talking about the zombie apocalypse in a downward spiral doom loop.

— Scott Galloway

Paramount, this is existential.

— Bill Cohan

Kudos to David Zaslav for running one of the best M&A processes I’ve seen in a long time.

— Bill Cohan

Sometimes the smartest thing you can do in a deal… is to walk away.

— Bill Cohan

Threats do not change our position… cannot in good conscience accede to the request.

— Dario Amodei (quoted by Kara Swisher)

Resist and Unsubscribe campaign momentumMinneapolis live show + charity fundraisingState of the Union: performance vs policyParamount wins Warner Bros. Discovery auctionDeal mechanics: leverage, equity backers, breakup feeNvidia earnings and AI capex cycleAI “doom loop” memo and private credit contagionAnthropic vs Pentagon access demandsAI safety pledges vs competitive pressureEpstein files: transparency, due process, political incentivesMarket/stock-picking prediction: oversold private credit managers

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