Movies and Entertainment

Warner Bros. Discovery

Today’s Key News Recap

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0302 | Dolphin Research Focus: 🐬 Macro/Industry1) Geopolitical tensions in the Middle East have flared, with US/Israel–Iran frictions escalating and risk aversion rising across global markets. As a result, international gold and silver opened broadly higher on Mon., with safe-haven assets bid. Geopolitics remains the key near-term catalyst for precious metals, as flight-to-safety inflows support gold and silver.2) With the Lunar New Year holiday and a slower spending cadence, the dual impact was evident. Feb deliveries among China EV startups were mixed...

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Haven Rush Ignites Gold & Silver; BYD to Host 'Disruptive Tech' Press Event｜Daily News Recap

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0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

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Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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0224 | Dolphin Research Focus: 🐬 Macro/Industry. Trump signaled a preference for a diplomatic deal over military action on the Iran issue. Geopolitical tensions cooled quickly, and the Geneva talks on Feb 26 remain on schedule.Gold's safe-haven premium is fading. Middle East risks still imply potential conflict. U.S. monetary policy remains the core driver of gold.AI: Leading player Anthropic will host an online livestream. Scheduled at 9:30 a.m. ET on Tue (10:30 p.m. Beijing time)...

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CTG Duty Free hits limit-down on a negative surprise; Lei Jun sets '15-5' hardcore chip push | Daily News Recap---

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

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$Netflix(NFLX.US) released 2025 Q4 results after the close on Jan 20 ET. Overall a mixed print. Combined with the planned acquisition of WBD, it sets up a clash between near-term pressure and long-term conviction.Specifically, Q4 beat: revenue and profit both topped estimates, with some noise from remaining Brazil tax liabilities deferred to 2026. Underlying growth was accelerating, driven mainly by the final season of 'Stranger Things'. However, vs. the first three quarters…

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NFLX: Will M&A Sink the Hit Factory? Time to Test Conviction

NFLX 4Q25 First Take: A mixed print, and the pending WBD deal sets up a clash between near-term pressure and long-term conviction.(1) The 'good' — Q4 beat: Core Q4 was solid, with revenue and profit accelerating QoQ, topping prior guidance and consensus. However, pricing contributed more to Q4 revenue vs. the first three quarters. Subs ended the year above 325 mn, up approx. 8% YoY. The slowdown in user growth likely underpins NFLX’s determination to acquire WBD at almost any cost, which in turn sparks worries about weakening long-term organic growth.(2) The 'bad' — muted guide: Doubts around organic momentum push investors to focus on guidance. Both 1Q26 and full-year 2026 guides are only in line with unaggressive consensus: Q1 revenue growth at 15.3%, full-year at 12–14%.OPM is guided a touch below expectations at 31.5% vs. the Street’s 32.5%, reflecting deal-related costs and remaining Brazil tax payments.(3) Ads still slow near term; potential acceleration in 2H: Management sees 2025 ad revenue above 1.5 bn. That trails the 2–3 bn range many sell-side models assume and likely weighs on topline expectations. NFLX is piloting programmatic ads in the U.S. and Canada and plans a global roll-out in 2Q26, replacing the current insertion-based model. This should broaden advertiser reach and unlock ad growth.(4) Near-term FCF pressure; potential pullback in content/buybacks: The latest on WBD is a revised agreement to an all-cash acquisition, reducing target shareholder concerns about value dilution and speeding execution, though the deal remains subject to regulatory approval. For more on deal details, cf. prior notes by Dolphin Research.NFLX expects roughly 10 bn of FCF in 2025, with only about 9 bn of net cash on hand. It also has 1 bn of short-term debt maturing within a year. Switching to all-cash requires more external funding: on top of the existing 59 bn bridge loan, NFLX added 8.2 bn, and secured total 25 bn of senior unsecured revolving credit to repay part of the bridge. The bridge now stands at 42.2 bn, and back-of-the-envelope interest cost for a year likely exceeds the potential 2–3 bn content licensing savings post-WBD. If the deal timeline extends due to disruptions, near-term FCF pressure will be meaningful. During this period, NFLX may curb near-term content spend or slow buybacks (4Q25 repurchases were 2.1 bn, with 8 bn remaining under authorization) as a hedge. $Netflix(NFLX.US)

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1211 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed cut rates by 25bps to 3.50%-3.75%, the third cut this year, in line with market expectations. It also announced $40bn of short-dated Treasury purchases over the next 30 days.Powell ruled out further hikes, saying rates are at the upper end of neutral. The message signals a shift from fighting inflation to supporting growth, even preempting a recession.🐬 Single stocks 1) $Microsoft(MSFT.US). CEO Satya Nadella made public remarks in Bengaluru, India...

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Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | Daily News Recap

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On Dec. 7, the long-running WBD sale neared the finish line as NFLX emerged as the buyer. The company agreed to acquire WBD's assets excluding cable TV for $72bn and to assume $10.7bn of WBD debt.The deal is still subject to regulatory approval due to antitrust concerns. About this acquisition...

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NFLX breaks its own rules, makes an RMB 80bn bet to become No.1 in film & TV

Netflix 3Q25 Earnings Quick Interpretation: The third-quarter performance was generally average, basically in line with expectations (including guidance for the fourth quarter). The operating profit miss was due to a one-time large recognition of expenses related to tax issues in Brazil. Excluding this impact, the actual operating profit exceeded expectations. However, the sharp decline after hours once again replicated the market reaction from the previous quarter—without surprising performance, short-term adjustments are used to release the pressure of high valuations. 1. Additional Cost Recognition, Impacting Profit Margin by 5 Points: This is an additional cost recognition of as much as $619 million, mainly involving municipal service taxes levied by Brazil on streaming companies. This cumulative expense covering from 2022 to the present was recognized in one go under other cost items, impacting the current gross margin by more than 5 points. The guidance provided by the company last quarter did not include this expenditure. Without considering the short-term impact, the actual operating profit reached $3.87 billion, a year-on-year increase of 33%, with a profit margin of 33.6%, exceeding market consensus expectations. Subsequently, the impact of this tax on the company's overall profit is relatively small, so the guidance for Q4 performance is also basically close to expectations. 2. Flat Revenue, No Surprises in Guidance: Although profits can be adjusted, the revenue side, which reflects growth, remains unspectacular, with both the current and next quarter's guidance basically in line with expectations. Third-quarter revenue grew by 17% year-on-year, with exchange rate effects of the dollar in different regions being hedged, and overall did not bring the forex tailwind we expected. The third quarter content was not dull, for example, the finale of the third season of 'Squid Game' and the second season of 'Wednesday' were very popular, with viewership entering Netflix's historical TOP10. However, short-term ARPU may continue to weaken the effect of price increases due to the increased penetration rate of ad-supported plans, and the cancellation of the original low-price Base plan in core regions during price increases has caused dissatisfaction among some users. Meanwhile, the third quarter was the period when the 1P advertising system was fully operational for an entire quarter, but it may still need optimization through data collection. Additionally, the macroeconomic volatility brought by tariffs is not favorable for Netflix's high-priced ads. However, the company's advertising revenue target for this year remains unchanged, still aiming for double growth, and Amazon DSP system will be introduced in Q4. Combined with market expectations, we estimate this year's advertising revenue to be around $1.5 billion. 3. Controlling Investment Scale: The third quarter saw $1.9 billion spent on repurchasing 1.5 million shares, with an average price of about $1,250. Although the annual profit guidance has been adjusted downward accordingly, the free cash flow target has been raised again from $8-8.5 billion to $9 billion for the year. This may be related to the reduced scale of content investment this year. As of Q3, this year's content cash investment was $12.6 billion, and based on the trend, it is expected to be $4.5-5 billion in the fourth quarter, with a total of $17-17.5 billion for the year, below the initial target of $18 billion. However, there are also news reports today that Netflix is interested in participating in the acquisition of Warner Bros. Discovery (WBD), which marks a change from Netflix's consistent business style of 'prioritizing more cost-effective internal production.' Dolphin Research suggests not to speculate too much for now and to continue to monitor subsequent developments. $Netflix(NFLX.US)

Viant Tech

JioHotstar and Warner Bros. Discovery Launch HBO Max in India

UK's CMA to launch investigation into Paramount Skydance's acquisition of Warner Bros Discovery

UK CMA: Deadline for Paramount and Warner Bros Discovery Merger Consultation

UK's CMA Has Not Launched an Investigation into Paramount and Warner Bros. Discovery Deal

Glass Lewis Advises Support for Warner Bros and Paramount Merger

US Banks Distribute Paramount Dance's Transition Loan for Warner Bros. Discovery Acquisition

ISS advises Warner Bros. Discovery shareholders to vote against the golden parachute advisory vote proposal

Paramount Global Receives Gulf Sovereign Wealth Fund Support for Warner Bros. Discovery Acquisition

US DOJ Issues Subpoena for Paramount Global's Warner Bros Discovery Acquisition

Warner Bros. Discovery Launches HBO Max in 12 New Markets in Asia-Pacific

St. Louis Financial Planner Asset Management Increased Holdings in Warner Bros. Discovery in Q4

Warner Bros. Discovery Director Sells $961,800 in Common Stock

Warner Bros. Discovery and Disney Under FCC Chair's Scrutiny for Iran Conflict Coverage

Union Federation Warns Paramount-Warner Bros Merger Could Lead to Job Cuts and Dwindling Labor Standards

Warner Bros. Discovery's 2026 EPS Estimate Median Revised Up to -0.06 USD

Tencent Participates in Paramount Skyline's Acquisition of Warner Bros. Discovery

Warner Bros. Discovery CEO David Zaslav Sells Over 4 Million A-Class Ordinary Shares

Warner Bros. Discovery's 2026 EPS Estimate Revised Down to -0.12

Paramount's $110B Acquisition of Warner Bros. Still Awaits Antitrust Review

Warner Bros. Discovery(WBD.US)

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