Netflix Tweaks WB Offer, Trump Threatens Sanctuary Cities, More

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Bloomberg News Now 5 min 4 speakers 5 chapters transcribed 2 months ago

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Transcript generated automatically by AI and may contain errors.

What is the main topic discussed in this episode?

Amy Morris 0:00

News when you want it with Bloomberg News Now. I'm Amy Morris. Netflix is working on revised terms for its Warner Brothers Discovery acquisition.

How is Netflix revising its offer for Warner Bros. Discovery — all-cash or other changes?

Amy Morris 0:08

Bloomberg's Chris Palmieri says Netflix discussed making its offer all cash for the purchase of the company's studios and streaming businesses.

Chris Palmieri 0:16

Netflix sees this as an opportunity to really just sort of strengthen the terms because they're competing against an all cash offer from Paramount.

Amy Morris 0:22

Chris Palmieri speaking with Bloomberg TV. The changes are designed to expedite a sale that will take months to close. It's faced opposition both from politicians and rival bidder Paramount's guidance.

Why is Netflix changing terms to compete with Paramount's all-cash bid?

Amy Morris 0:33

President Trump says he'll end all federal payments to sanctuary cities and the states that have sanctuary cities by the end of this month.

Donald Trump 0:41

It breeds fraud and crime and all of the other problems that come. So we're not making any payment to anybody that supports sanctuary cities.

Amy Morris 0:49

During a speech at the Detroit Economic Club, the president also doubled down on his criticism of Fed Chair Jay Powell.

Donald Trump 0:55

And just last week, the average 30-year mortgage dropped below 6% for the first time in many years. It's coming down very rapidly, and that's not with the help of the Fed. If I had the help of the Fed, it would be easier. But that jerk will be gone soon.

Amy Morris 1:11

President Trump is in Michigan promoting his efforts to boost U.S. manufacturing. During a tour of a Ford factory in Dearborn, the president called the North American trade agreement, the one that he brokered, irrelevant.

Donald Trump 1:22

I don't even think about USMCA. I want to see Canada and Mexico do well, but the problem is we don't need their product. We don't need cars made in Canada. We don't need cars made in Mexico. We want to make them here.

Amy Morris 1:36

Trump's comments mark another warning shot that the scheduled renegotiation of the USMCA could turn into an airing of grievances by Washington against Mexico and Canada. And President Trump says he's canceled talks with Iranian officials amid a protest crackdown, telling Iranian citizens, quote, help is on its way. At the Detroit Economic Club, the president encouraged the demonstrators in Iran to continue.

Donald Trump 2:00

Keep protesting. Take over your institutions if possible. And save the name of the killers and the abusers that are abusing you. You're being very badly abused.

Amy Morris 2:11

Democratic Representative Pete Aguilar of California.

2:14

We want the people of Iran to be safe.

What actions is President Trump proposing against sanctuary cities and how did he frame it?

2:17

We don't want people exercising their opinions to die in the streets. But the president needs to consult with Congress on actions that involve...

Amy Morris 2:26

The United States military activists say the death toll from those protests in Iran has now spiked to beyond 2000 people killed. So now SpaceX is offering free Starlink satellite service in Iran. The company lifted its subscription fee so anyone with a receiver can access the service in Iran for free. SpaceX isn't commenting, but a source familiar with those operations confirms to Bloomberg the service will be available for those who need it in Iran. The president says his administration expects to win the tariff case, the one that's now before the U.S. Supreme Court.

Donald Trump 2:58

Every prediction the critics made about our tariff policy has failed. to materialize. The evidence shows overwhelmingly that the tariffs are not paid by American consumers, that they're paid by foreign nations and middlemen.

Amy Morris 3:14

Trump says if he doesn't win that case, he'll figure something else out. Wall Street traders sent stocks lower as inflation data failed to alter any bets on a pause in Federal Reserve rate cuts. We bring you the closing numbers each day here at Bloomberg. The S&P 500 lost 13.5 points. NASDAQ down 24 points. The Dow is down 398 points. The 10-year Treasury yield at 4.17%. The 2-year yield at 3.52%. Underlying inflation rose less than expected last month after shutdown-related distortions complicated the previous report on consumer prices. Bloomberg's Michael McKee reports the December consumer price index rose 0.3%. The core number that leaves out food and energy rose just 0.2%.

Mike McKee 3:56

The interesting thing is housing, because there was a feeling that the lack of October data would depress the housing numbers and keep them depressed.