Warner Bros. Begins Exclusive Talks With Netflix; US Lobbies to Block EU Loan Plan for Ukraine

On today's podcast: 1) Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions. Netflix is offering a $5 billion breakup fee if regulators don’t approve the deal, said the people, who asked to not be identified because the discussions are private. The two companies could announce a deal as soon as in the coming days, assuming talks don’t fall apart, the people said. The move suggests Netflix has pulled ahead of Paramount Skydance Corp. and Comcast Corp., who were also competing for the asset. Prior to the closing of the sale, Warner Bros. — valued at more than $60 billion overall — will complete the planned spinoff of cable channels including CNN, TBS and TNT. 2) The US lobbied several countries in the European Union in an effort to block EU plans to use frozen Russian central bank assets to back a massive loan to Ukraine, according to European diplomats familiar with the matter. US officials argued to member states that the assets are needed to help secure a peace deal between Kyiv and Moscow and should not be used to prolong the war, said the diplomats, who spoke on the condition of anonymity. 3) India will pay about $2 billion to lease a nuclear-powered submarine from Russia, according to people familiar with the matter, finalizing delivery of the vessel after roughly a decade of talks just as President Vladimir Putin makes a visit to New Delhi. Talks for leasing the attack submarine from Russia had stalled over the years because of price negotiations, the people said, asking not to be identified because the discussions are private. The two sides have now agreed on the deal, with Indian officials visiting a Russian shipyard in November. See omnystudio.com/listener for privacy information.