# ![@garyHeff Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1193191083615903749.png) @garyHeff Gary

Gary posts on X about $wbd, $psky, $para, $nflx the most. They currently have [------] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1193191083615903749/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1193191083615903749/c:line/m:interactions.svg)

- [--] Week [-----] +88%
- [--] Month [------] -62%
- [--] Months [-------] +112%
- [--] Year [-------] +180%

### Mentions: [--] [#](/creator/twitter::1193191083615903749/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1193191083615903749/c:line/m:posts_active.svg)

- [--] Week [--] -18%
- [--] Month [---] +13%
- [--] Months [---] +158%
- [--] Year [---] +209%

### Followers: [------] [#](/creator/twitter::1193191083615903749/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1193191083615903749/c:line/m:followers.svg)

- [--] Week [-----] +0.34%
- [--] Month [-----] +1.90%
- [--] Months [-----] +31%
- [--] Year [-----] +54%

### CreatorRank: [---------] [#](/creator/twitter::1193191083615903749/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1193191083615903749/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[stocks](/list/stocks)  [finance](/list/finance)  [technology brands](/list/technology-brands)  [cryptocurrencies](/list/cryptocurrencies)  [social networks](/list/social-networks)  [countries](/list/countries)  [currencies](/list/currencies)  [celebrities](/list/celebrities)  [us election](/list/us-election)  [travel destinations](/list/travel-destinations) 

**Social topic influence**
[$wbd](/topic/$wbd) #15, [$psky](/topic/$psky) #17, [$para](/topic/$para), [$nflx](/topic/$nflx) #245, [$cmcsa](/topic/$cmcsa), [warner bros](/topic/warner-bros), [debt](/topic/debt), [$dis](/topic/$dis), [business](/topic/business), [in the](/topic/in-the)

**Top accounts mentioned or mentioned by**
[@221brew](/creator/undefined) [@bigideascapital](/creator/undefined) [@tmtanalystanon](/creator/undefined) [@tbonesam99](/creator/undefined) [@bdigs](/creator/undefined) [@davidfaber](/creator/undefined) [@skydance](/creator/undefined) [@wsj](/creator/undefined) [@jtoonkel](/creator/undefined) [@pucknews](/creator/undefined) [@phillipsrelic](/creator/undefined) [@williamcohan](/creator/undefined) [@paramountco](/creator/undefined) [@mattbelloni](/creator/undefined) [@mariogabelli](/creator/undefined) [@skiguy1818](/creator/undefined) [@cgasparino](/creator/undefined) [@lucasshaw](/creator/undefined) [@99paul99](/creator/undefined) [@laurenthomas](/creator/undefined)

**Top assets mentioned**
[Warner Bros Discovery, Inc. (WBD)](/topic/$wbd) [Paramount Skydance Corporation Class B Common Stock (PSKY)](/topic/$psky) [Paramount Global (PARA)](/topic/$para) [Netflix Inc (NFLX)](/topic/$nflx) [Comcast Corporation (CMCSA)](/topic/$cmcsa) [DisChain (DIS)](/topic/$dis) [Walmart, Inc. (WMT)](/topic/$wmt) [Versant Media Group, Inc. Class A Common Stock (VSNT)](/topic/$vsnt) [Paramount Global Class A Common Stock (PARAA)](/topic/$paraa) [Sable Offshore Corp. (SOC)](/topic/$soc) [Amazon.com, Inc. (AMZN)](/topic/$amzn) [Charter Communications Inc (CHTR)](/topic/$chtr) [Loaded Lions (LION)](/topic/$lion) [Oracle Corporation (ORCL)](/topic/$orcl) [Exxon Mobil (XOM)](/topic/$xom) [Apple, Inc. (AAPL)](/topic/$aapl) [VIZIO Holding Corp. (VZIO)](/topic/$vzio) [Intel Corporation (INTC)](/topic/$intc) [Nexstar Media Group, Inc. Class A Common Stock (NXST)](/topic/$nxst) [ShapeShift FOX Token (FOX)](/topic/$fox) [TEGNA Inc. (TGNA)](/topic/$tgna) [Microsoft Corp. (MSFT)](/topic/$msft) [Dell Technologies, Inc. (DELL)](/topic/dell) [Apollo Global Management, Inc. (APO)](/topic/$apo) [Edu3Labs (NFE)](/topic/$nfe) [Oxygen (OXY)](/topic/$oxy)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Am I the only one who didn't know this Index ETF P/E ratios are "fudged" and the QQQ was trading at a 90x P/E $QQQ $SPY $IWM h/t Kopernik Global & @DavidBCollum"  
[X Link](https://x.com/garyHeff/status/1912880476403966332)  2025-04-17T14:46Z [----] followers, 176K engagements


"@twebs Long: $TWEB Short: $KWEB"  
[X Link](https://x.com/garyHeff/status/1502356633422376968)  2022-03-11T18:51Z [----] followers, [--] engagements


"A non-pitch pitch for $CRBG cc: @evan_lorenz"  
[X Link](https://x.com/garyHeff/status/1571242011591671808)  2022-09-17T20:57Z [----] followers, [--] engagements


"When your fund manager starts blaming the Iraq war you know his investment results look exactly like this"  
[X Link](https://x.com/garyHeff/status/1575527597798211586)  2022-09-29T16:47Z [----] followers, [--] engagements


"Will we witness regulators once again banning the short selling of bank stocks https://www.newyorkfed.org/research/current_issues/ci18-5.html https://www.newyorkfed.org/research/current_issues/ci18-5.html"  
[X Link](https://x.com/garyHeff/status/1654054161070129153)  2023-05-04T09:23Z [----] followers, [---] engagements


"$PARA slashes dividend 79%"  
[X Link](https://x.com/garyHeff/status/1654105386826231808)  2023-05-04T12:47Z [----] followers, [---] engagements


"@fundiescapital as you know it's common to see demand pulled forward when facing a cliff like the expiration of a tax incentive (or in the case of your tweet a ban) e.g. here's an article about $enph"  
[X Link](https://x.com/garyHeff/status/1661707863830540291)  2023-05-25T12:16Z [----] followers, [--] engagements


"@willis_cap "Quality.you know what it is yet you dont know what it is. But thats self-contradictory. But some things are better than others that is they have more quality." Robert Pirsig author of Zen and the Art of Motorcycle Maintenance comparing $CHTR to $ATUS"  
[X Link](https://x.com/garyHeff/status/1674139192517971989)  2023-06-28T19:34Z [----] followers, [---] engagements


""The academic definition of risk . risk is measured by volatility and I dispute that. I think volatility can be a value investors friend. Volatility can drive undervaluation and make a small mis-pricing into an even more egregious mis-pricing leading to great opportunity.""  
[X Link](https://x.com/garyHeff/status/1679189133820821525)  2023-07-12T18:01Z [----] followers, [---] engagements


"In the mid-1970s the Consumer Price Index (CPI) experienced a nearly uninterrupted decrease from 12.5% to 5%. Take a look at what happened next and tell me it's easy to predict the CPI. This is an observation not a prediction"  
[X Link](https://x.com/garyHeff/status/1679449791388872708)  2023-07-13T11:16Z [----] followers, [----] engagements


"One day market cap gains in big tech are bigger than the market caps of storied media franchises like $DIS $ATVI / $MSFT is a blow to Lina Kahns anti-consolidation agenda at the FTC Seems like an opportune time for the oft-rumored long-awaited big tech / media consolidation $MSFT market cap increase today $150bn is bigger than approx [---] of [---] companies in $SPX. $MSFT market cap increase today $150bn is bigger than approx [---] of [---] companies in $SPX"  
[X Link](https://x.com/garyHeff/status/1681413179606220809)  2023-07-18T21:18Z [----] followers, [----] engagements


"I do not remember any "great and experienced stock pickers who went long $POL warrants with huge concentration""  
[X Link](https://x.com/garyHeff/status/1683612178018910210)  2023-07-24T22:56Z [----] followers, [---] engagements


"In the long run -- provided an agreement is reached and content is produced once more -- the strike also creates a tidy narrative that allows each studio to level-set their content spend"  
[X Link](https://x.com/garyHeff/status/1683615473089363971)  2023-07-25T02:22Z [----] followers, [---] engagements


"tagging some media companies in hopes that someone somewhere out there sees my tweets $NFLX $DIS $WBD $PARA $CMCSA $LGF $AMZN cc:@willis_cap"  
[X Link](https://x.com/garyHeff/status/1683618349387857920)  2023-07-25T02:22Z [----] followers, [---] engagements


"Recall that were dealing with a very old rule at this point. Do you recall what the economy was like in [----] Me neither. Thats the year the Dual Network Rule was extended to television (after being adopted in 1941). 6/7"  
[X Link](https://x.com/garyHeff/status/1683647183310950400)  2023-07-25T01:50Z [----] followers, [---] engagements


"cc: @willis_cap @magellan292 @BluthCapital @MasaSonCap $DIS $FOX $CMCSA $PARA 7/7"  
[X Link](https://x.com/garyHeff/status/1683647184523214850)  2023-07-25T01:15Z [----] followers, [--] engagements


"The road to private equity is paved with good intentions Simon & Schuster was blocked by regulators from being acquired by a strategic and looks to be headed to $KKR $PARA - KKR in advanced talks to buy Paramount's Simon & Schuster - WSJ https://t.co/CEo0oZ6WfI $PARA - KKR in advanced talks to buy Paramount's Simon & Schuster - WSJ https://t.co/CEo0oZ6WfI"  
[X Link](https://x.com/garyHeff/status/1687222728707715072)  2023-08-03T22:03Z [----] followers, [---] engagements


"A nightmarish Fed paper: "As the result of the high current US government debt-to-GDP ratio and continuing projected deficits we face a possible dollar inflation uncertainty nightmare: Continuing deficits if unchecked eventually will lead to a fiscal dominance problem"  
[X Link](https://x.com/anyuser/status/1687252764294811648)  2023-08-04T00:03Z [--] followers, [----] engagements


"Is the implication that the Writers Guild of America is okay with $AAPL consolidating the legacy media producers ( $WBD $PARA $LGF $AMCX) to better compete with $DIS $AMZN and $NFLX"  
[X Link](https://x.com/garyHeff/status/1692314673494843822)  2023-08-17T23:17Z [----] followers, [----] engagements


""In the wake of the [----] merger of Viacom and CBS that formed ViacomCBS (later renamed Paramount Global) former shareholders of both CBS and Viacom filed separate D&O liability lawsuits. As discussed here the CBS shareholders lawsuit settled $165.5 million"  
[X Link](https://x.com/garyHeff/status/1692323776674038073)  2023-08-17T23:53Z [----] followers, [----] engagements


"My read of this scenario suggests $PARA will receive $288mn (165.5+122.5) from the CBS and Viacom derivative suits. Insurance will pay if the Judge's summary judgement stands. I'm baffled by this outcome. It's great fodder for @matt_levine"  
[X Link](https://x.com/garyHeff/status/1692324911920857162)  2023-08-17T23:57Z [----] followers, [----] engagements


"Recall the shareholders of both companies sued the directors for jamming the merger through. And now the result is . the combined company's balance sheet gets a cash infusion"  
[X Link](https://x.com/garyHeff/status/1692326561230307441)  2023-08-18T00:04Z [----] followers, [---] engagements


"This is a far cry from the original relief asked for by the Plaintiffs. One of the things they wanted was to issue more $PARA shares to the Class members AND cancel shares held by Shari Redstone her holdco and her trust"  
[X Link](https://x.com/garyHeff/status/1692336985527001377)  2023-08-18T00:45Z [----] followers, [---] engagements


"The @WGAWest should hedge by betting on the consolidation: "Some streamers will exit the market or be bought by others. $PARA $SONY and $WBD are not likely to remain competitors in scripted online video for much longer"  
[X Link](https://x.com/garyHeff/status/1692344009098735885)  2023-08-18T01:13Z [----] followers, [---] engagements


"with Wall St analysts predicting these companies will be candidates for consolidation. $PARA is disadvantaged by a comparative lack of scale $SONY by a lack of vertical integration and $WBD appears to be already withdrawing from its investment in HBO Max.""  
[X Link](https://x.com/garyHeff/status/1692344010105393273)  2023-08-18T01:13Z [----] followers, [---] engagements


"Lina Khan is monitoring the strikes The WGA released a report saying they only ask that [--] companies are prohibited from consolidating the market: $DIS $AMZN $NFLX Lina Khan can respect the wishes of the WGA (or use it as cover) to allow further consolidation cc:@MasaSonCap"  
[X Link](https://x.com/garyHeff/status/1692662558300271024)  2023-08-18T22:19Z [----] followers, [----] engagements


"@JLebowski_420 Buffett was instrumental in Cap Cities takeover of ABC. Recall $PARA is f/k/a ViacomCBS and the CBS part of the business was the far more valuable piece pre-merger. Yes the market cap is depressed but Berkshire is the largest shareholder and owns 15% of the company"  
[X Link](https://x.com/garyHeff/status/1692845299390108143)  2023-08-19T10:25Z [----] followers, [---] engagements


"$PARA isn't just a film studio. They own CBS. You can read about the time Berkshire helped bring off the friendly acquisition of ABC by Cap Cities by agreeing to buy about 18% of the merged company for $518 million:"  
[X Link](https://x.com/garyHeff/status/1692846058345210251)  2023-08-19T10:28Z [----] followers, [----] engagements


"The Ankler: One of the mysteries has been the drift of the streaming wars has been very bad for the legacy studios. Theyve almost all done pretty badly at this time. How do the people in charge feel about this"  
[X Link](https://x.com/garyHeff/status/1692972714728788206)  2023-08-19T18:52Z [----] followers, [--] engagements


"Khan: Markets can either be structured to incentivize a race to the top or a race to the bottom. Sometimes when you see markets that have entered a bit of a doom loop where everybody is doing a race to the bottom that can be bad for everybody"  
[X Link](https://x.com/garyHeff/status/1692972715924193757)  2023-08-19T18:52Z [----] followers, [--] engagements


"@Adaisy245 What's the right way to triangulate the value of ESPN v. say the sports rights held at CBS Next five years ESPN has locked up something like $45bn in sports rights. $50-$60bn valuation = 1.1-1.3x their N5Y locked up rights"  
[X Link](https://x.com/garyHeff/status/1694145319011864958)  2023-08-23T00:31Z [----] followers, [---] engagements


"So what does the team at Comcast do They write a letter to AT&T: Heres what we think your broadband division is worth heres how well structure it to avoid tax heres what were willing to pay and heres how well pay for it"  
[X Link](https://x.com/garyHeff/status/1694497576827994590)  2023-08-23T23:51Z [----] followers, [--] engagements


"The gambit was to put so much pressure on the board of AT&T that theyd have to consider the offer. And it worked. Cohan goes on to say that this is what could be done by Tyler Perry in his pursuit of $PARAs BET asset"  
[X Link](https://x.com/garyHeff/status/1694497577939390544)  2023-08-23T23:51Z [----] followers, [---] engagements


"Cable survived the its different this time carriage dispute Needham Analyst says cable is good for another decade If Im private equity maybe the sharp resolution of the recent drama convinces me to believe in the longevity of cables gently declining cash flows"  
[X Link](https://x.com/garyHeff/status/1701311690636202023)  2023-09-11T19:08Z [----] followers, [---] engagements


"These efforts come as recent tech restrictions have made targeted advertising more complicatedgiving an edge to companies that know a lot about their customers such as Walmart Uber Technologies Instacart and Home Depot.' @WSJ @patiencehaggin"  
[X Link](https://x.com/garyHeff/status/1728854731492381179)  2023-11-26T19:14Z [----] followers, [---] engagements


"$UAL $WMT $UBER $CART $HD"  
[X Link](https://x.com/garyHeff/status/1728854733048476080)  2023-11-26T19:14Z [----] followers, [---] engagements


"@ToddWenning definitely stealing this line. very nice"  
[X Link](https://x.com/garyHeff/status/1730568954848985556)  2023-12-01T12:46Z [----] followers, [--] engagements


"$WBD $PARA combined demand share larger than $DIS "The argument for breaking up Paramount Global of course is that these parts would be worth more than the wholeespecially if they were divvied up or absorbed by a larger competitor and the tax consequences could be mitigated"  
[X Link](https://x.com/garyHeff/status/1737596104156303462)  2023-12-20T22:09Z [----] followers, [----] engagements


"For the $PARA watchers out there if I'm Shari why do I take a deal with $WBD Lose control & gain a currency that isn't exactly loved by the market"  
[X Link](https://x.com/garyHeff/status/1737603888369356816)  2023-12-20T22:40Z [----] followers, [---] engagements


"One way this would make sense to me is if the final destination for combined WBD & PARA is $CMCSA but that would require the FCC's relaxation of the dual-network rule. FCC's quadrennial review -- which will decide to keep or relax this rule among others -- concludes by Dec 27"  
[X Link](https://x.com/garyHeff/status/1737603890026025414)  2023-12-20T22:40Z [----] followers, [---] engagements


"@RoyPrice Roy could you see a deal where Ellison takes Para Pictures Studio & Lot and WBD takes the rest The price paid by Ellison could wipe out the net debt & WBD could pick up the remaining assets debt free"  
[X Link](https://x.com/garyHeff/status/1737659915336835259)  2023-12-21T02:23Z [----] followers, [--] engagements


"@RoyPrice Roy you made a point about what PARA needs to hit breakeven in P+. I'm curious if you've read their latest transcript. Here's what they had to say:"  
[X Link](https://x.com/garyHeff/status/1737682498065182801)  2023-12-21T03:52Z [----] followers, [--] engagements


"@RoyPrice "The ongoing execution of our streaming strategy will yield further improvement in [----] as we continue to drive subscriber growth user engagement and Paramount+ global ARPU growth in excess of 20%.""  
[X Link](https://x.com/garyHeff/status/1737682537336504783)  2023-12-21T03:52Z [----] followers, [--] engagements


"@__sanketkarve__ You make really good points. So far I haven't spent enough time on this to have a valid opinion. But I will look into it. The natural question being: is MSFT a potential suitor for PARA or is that too much of a stretch"  
[X Link](https://x.com/garyHeff/status/1738026490032197973)  2023-12-22T02:39Z [----] followers, [--] engagements


"@WestLongIsland @WarrenBuffett This is an interesting idea. I'm sure you've thought of this already but why not just collapse the dual-class share structure (instead of buying out Shari) For example Neuberger Berman is calling for this in $LGF"  
[X Link](https://x.com/anyuser/status/1739727814587224420)  2023-12-26T19:20Z [--] followers, [---] engagements


"@WestLongIsland @WarrenBuffett If your premise is correct that NAI's super-vote is what's depressing the shares then removing that vote would re-rate the shares higher effectively creating "a consideration". But if I understand you correctly you don't think that scenario would be appealing enough for her"  
[X Link](https://x.com/anyuser/status/1739735675107229705)  2023-12-26T19:51Z [--] followers, [---] engagements


"It appears that the Paramount-Comcast deal will not lead to any channels going dark. $PARA $CMCSA Comcast renews carriage deal with Paramount days before New Year's Eve deadline. Here are the details: https://t.co/KSoTRgnmuC Comcast renews carriage deal with Paramount days before New Year's Eve deadline. Here are the details: https://t.co/KSoTRgnmuC"  
[X Link](https://x.com/garyHeff/status/1740821009421517222)  2023-12-29T19:44Z [----] followers, [----] engagements


"@__sanketkarve__ earlier this year the $DIS $CHTR dispute created a narrative that the linear tv ecosystem was imploding and that the next carriage deals would see content cos forced to drop channels. the news about PARA/CMCSA suggests that narrative is false"  
[X Link](https://x.com/garyHeff/status/1740826525598175428)  2023-12-29T20:06Z [----] followers, [---] engagements


"@DumbLuckCapital I had always assumed it was for Gas to Liquids but that could be totally wrong"  
[X Link](https://x.com/garyHeff/status/1742940996848038099)  2024-01-04T16:08Z [----] followers, [---] engagements


"1) @THR: "An industry source says when Comcasts Brian Roberts engaged in merger talks with Paramount Global chairwoman Shari Redstone in [----] he offered to put Paramount president and CEO Bob Bakish in charge of the combined companies (though Roberts wanted ultimate control).""  
[X Link](https://x.com/garyHeff/status/1745277307265167563)  2024-01-11T02:51Z [----] followers, [---] engagements


"According to @jtoonkel @miriamgottfried & @JBFlint Shari Redstone is in discussions to cede control of Paramount via her holdco NAI for cash"  
[X Link](https://x.com/garyHeff/status/1745277310196953227)  2024-01-11T02:51Z [----] followers, [---] engagements


"If I'm Brian Roberts (I'm obviously not) and I still have interest in Paramount (which only he knows) then I would see Shari's actions as being open to a deal on more agreeable terms. If her desire for control blew up the last deal like @kimmasters said then"  
[X Link](https://x.com/garyHeff/status/1745277312105320618)  2024-01-11T02:51Z [----] followers, [---] engagements


"the potential Skydance deal makes it clear that control is no longer going to be an issue. Not needing to dilute $CMCSA shareholders might be appealing as well"  
[X Link](https://x.com/garyHeff/status/1745277313741181231)  2024-01-11T02:51Z [----] followers, [---] engagements


"@walt373 Unlike oil companies whose production collapses after sanctions / lack of western expertise e.g. Venezuela I think Chinese internet cos could survive sanctions. That's what prompted the thought experiment"  
[X Link](https://x.com/garyHeff/status/1748413979116896633)  2024-01-19T18:35Z [----] followers, [---] engagements


".@MarioGabelli owns 40% of the $PARAA float so he likely has a different view than what is being reflected in the $PARA shares If Byron Allens bid isnt legit - as many on social media are suggesting - why do the A shares believe him $PARA $PARAA https://t.co/y1ojf9VQD4 If Byron Allens bid isnt legit - as many on social media are suggesting - why do the A shares believe him $PARA $PARAA https://t.co/y1ojf9VQD4"  
[X Link](https://x.com/garyHeff/status/1752760842536341864)  2024-01-31T18:28Z [----] followers, [----] engagements


"Interesting piece in @PuckNews where @WilliamCohan pours cold water on some of the NAI / $PARA scare stories that had been swirling around"  
[X Link](https://x.com/garyHeff/status/1752860094633558159)  2024-02-01T01:03Z [----] followers, [---] engagements


"$PARAA already trading wide of precedent share-collapse transactions and wide of Byron's recent offer"  
[X Link](https://x.com/garyHeff/status/1753209296823754777)  2024-02-02T00:10Z [----] followers, [---] engagements


"If $PARA is going then it's going to highest bidder. No need to retain controlling stake. Bonus points for making a bidding war easier. Bidders won't be deterred by fear of negotiating with NAI"  
[X Link](https://x.com/garyHeff/status/1753210811915309457)  2024-02-02T00:16Z [----] followers, [---] engagements


"special committee negotiates on behalf of minorities including themselves"  
[X Link](https://x.com/garyHeff/status/1753212012081860951)  2024-02-02T00:21Z [----] followers, [---] engagements


"Two recent $PARA articles by @sherman4949 and @annaknicolaou @JFK_America & @grimes_ce provide enough information to finally put to rest the idea that Shari Redstone would be a forced seller of National Amusements for cash"  
[X Link](https://x.com/garyHeff/status/1753899136095572438)  2024-02-03T21:51Z [----] followers, [----] engagements


"#2: Debt issues at NAI. Theres a $37mn payment due in March of this year"  
[X Link](https://x.com/garyHeff/status/1753899142236000346)  2024-02-03T21:51Z [----] followers, [---] engagements


"@annaknicolaou @JFK_America and @grimes_ce of the FT report that BDT has arranged a $100mn shelf loan for NAI. I interpret shelf to mean ready to go off-the-shelf. It indicates that the loan is available and has not yet been used"  
[X Link](https://x.com/garyHeff/status/1753899144274489541)  2024-02-03T21:51Z [----] followers, [---] engagements


"My guess is NAI can borrow against this $100mn shelf to make a $37mn payment if necessary. What if I am wrong"  
[X Link](https://x.com/garyHeff/status/1753899145855635903)  2024-02-03T21:51Z [----] followers, [---] engagements


"If I am wrong about the above and the shelf has already been used then I think BDT is likely to continue to help NAI with any future financial difficulties. BDT has been financing NAI since at least May [----] and their most recent financing was on December [--] [----] 1mo ago"  
[X Link](https://x.com/garyHeff/status/1753899146958786615)  2024-02-03T21:51Z [----] followers, [---] engagements


"The most recent financing occurred after the end of the Hollywood strikes. BDT has been helping NAI with eyes wide open regarding the issues at NAIs movie theaters. In exchange for their help BDT gets equity upside on NAIs Paramount non-voting $PARA shares"  
[X Link](https://x.com/garyHeff/status/1753899148640710761)  2024-02-03T21:51Z [----] followers, [---] engagements


"Based on BDTs business model of advising wealthy families plus BDTs incentives I conclude that they are likely to continue helping NAI with any financial difficulties they may be facing now or in the future"  
[X Link](https://x.com/garyHeff/status/1753899151304118345)  2024-02-03T21:51Z [----] followers, [---] engagements


"National Amusements was and I believe is no longer a recent example of a weak hand. They had pledged some [--] million shares in $PARAA (26% of their stake) against loans made out to one of their distressed movie theater chain subs"  
[X Link](https://x.com/garyHeff/status/1753910722038259817)  2024-02-03T22:37Z [----] followers, [---] engagements


"Predictably as that subsidiary faced increasing financial difficulty the pressure on $PARAA increased. This was most acute after NAI stopped receiving dividends from $PARAA and $PARA in May of [----]. The PARAA share price subsequently collapsed to $13.40 in October 2023"  
[X Link](https://x.com/garyHeff/status/1753910723309150532)  2024-02-03T22:37Z [----] followers, [---] engagements


"A good read on Sumner Redstones triumph over Barry Diller and John Malone: @garyHeff Good insights. It wouldve been interesting if Twitter existed back when Redstone and Huizenga were in a bidding war for Paramount. @garyHeff Good insights. It wouldve been interesting if Twitter existed back when Redstone and Huizenga were in a bidding war for Paramount"  
[X Link](https://x.com/garyHeff/status/1754000305493069840)  2024-02-04T04:33Z [----] followers, [---] engagements


"The sale of Paramount Communications snowballed into a public spectacle pitting C.E.O. Martin Davis and Viacoms Sumner Redstone against QVCs Barry Diller. But the secret history of the deal stretched back over four years of clandestine meetings and boardroom dramas"  
[X Link](https://x.com/garyHeff/status/1754000577669865919)  2024-02-04T04:35Z [----] followers, [---] engagements


"The author reveals Daviss stormy quest for a merger partner which almost ended in a [----] buyout of NBC as well as Dillers uneasy alliance with cable czar John C. Malone and the plots and counterplots that escalated into the deal of the decade"  
[X Link](https://x.com/garyHeff/status/1754000579825733761)  2024-02-04T04:35Z [----] followers, [---] engagements


"$AMZN "We have increasing conviction that Prime Video can be a large and profitable business on its own and we'll continue to invest in compelling exclusive content for Prime members like Thursday Night Football Lord of the Rings Reacher Mr. & Mrs. Smith Citadel and more"  
[X Link](https://x.com/garyHeff/status/1754126093047484646)  2024-02-04T12:53Z [----] followers, [---] engagements


"And with the addition of ads in Prime Video we'll be able to continue investing meaningfully in content over time.""  
[X Link](https://x.com/garyHeff/status/1754126094943277342)  2024-02-04T12:53Z [----] followers, [---] engagements


"Explore Walmart+ benefits $WMT"  
[X Link](https://x.com/garyHeff/status/1754128234453610581)  2024-02-04T13:02Z [----] followers, [---] engagements


"When $DELL announced its spin-off of $VMW it simultaneously announced the collapse of VMW's multiclass share structure into a single class My best guess is Mario is calling to collapse the A and Bs with a fair exchange ratio. Minimal dilution. Removes threat of NAI doing a bad deal. Releases control and signals the company is in play. My best guess is Mario is calling to collapse the A and Bs with a fair exchange ratio. Minimal dilution. Removes threat of NAI doing a bad deal. Releases control and signals the company is in play"  
[X Link](https://x.com/garyHeff/status/1754177885424820723)  2024-02-04T16:19Z [----] followers, [----] engagements


"Another option (read: a wild guess): a $PARA spinco (e.g. O&O TV stations) sees share class structure collapsed in-line with precedent transactions When $DELL announced its spin-off of $VMW it simultaneously announced the collapse of VMW's multiclass share structure into a single class https://t.co/yxT7ktaMJI When $DELL announced its spin-off of $VMW it simultaneously announced the collapse of VMW's multiclass share structure into a single class https://t.co/yxT7ktaMJI"  
[X Link](https://x.com/garyHeff/status/1754181047867130307)  2024-02-04T16:32Z [----] followers, [---] engagements


"@Adaisy245 @WilliamCohan @PuckNews Thanks. Only if I could learn under William. He's a phenomenal writer"  
[X Link](https://x.com/garyHeff/status/1754314365694529608)  2024-02-05T01:21Z [----] followers, [---] engagements


"Is it just me or is @RealByronAllen getting more traction w this bid Granted the source is Allen not the co. "Allen said he ran into . Bob Bakish at the Grammy Awards on Sunday night and the executive told him he was 'very happy' he had submitted an offer." $PARA"  
[X Link](https://x.com/garyHeff/status/1754849465100292476)  2024-02-06T12:48Z [----] followers, [---] engagements


"Jones Day has some great case studies on how to separate low tax basis assets in a tax-free manner using Reverse Morris Trust and cash rich private split transactions 1) Duracell - cash rich private split to Berkshire Hathaway"  
[X Link](https://x.com/garyHeff/status/1754876715325616448)  2024-02-06T14:36Z [----] followers, [---] engagements


"2) Beauty brands - Reverse Morris Trust transaction to Coty"  
[X Link](https://x.com/garyHeff/status/1754876718190330303)  2024-02-06T14:36Z [----] followers, [---] engagements


"3) Folgers - all-stock reverse Morris Trust transaction with The J.M. Smucker Company"  
[X Link](https://x.com/garyHeff/status/1754876721449324709)  2024-02-06T14:36Z [----] followers, [---] engagements


"$DIS disclosure is better than most. "General entertainment" was driving DTC losses (not sports). Future looks bright in light of the news surrounding reduced general entertainment content spending post-strikes. DIS confirmed DTC profitability this FY"  
[X Link](https://x.com/garyHeff/status/1755347222781100387)  2024-02-07T21:46Z [----] followers, [---] engagements


"@wsenti Thanks for your thoughts Wade. Who might his backers include if you had to guess I have some thoughts on this but its pure speculation"  
[X Link](https://x.com/garyHeff/status/1755388830742466754)  2024-02-08T00:31Z [----] followers, [--] engagements


"The cost to announce a new product is cheap. Recent example is the not long for this life WBD sports tier. Something to consider when a splashy new JV is announced without a name CEO pricing details etc. $WBD $DIS $FOXA"  
[X Link](https://x.com/garyHeff/status/1755407988221759826)  2024-02-08T01:47Z [----] followers, [---] engagements


"Five years is the waiting period for spin-offs that follow mergers"  
[X Link](https://x.com/garyHeff/status/1755592783056798146)  2024-02-08T14:01Z [----] followers, [----] engagements


"$DELL waited five years from the close of the Dell/EMC merger to distribute $VMW tax-free"  
[X Link](https://x.com/garyHeff/status/1755592785204322388)  2024-02-08T14:01Z [----] followers, [---] engagements


"Interview is on youtube. title: "Walmart eyes low cost streaming service to challenge Amazon" The question on my mind: does $WMT still want to be in streaming"  
[X Link](https://x.com/garyHeff/status/1757527030365630541)  2024-02-13T22:07Z [----] followers, [---] engagements


"The Vizio acquisition rationale could also apply to creating their own Prime video competitor via P+ $PARA"  
[X Link](https://x.com/garyHeff/status/1757567416521920723)  2024-02-14T00:48Z [----] followers, [---] engagements


"$WMT 's a $450bn cap and stock at all-time high. Seems like a good time to go hunting for something larger than $2bn $VZIO"  
[X Link](https://x.com/garyHeff/status/1757567982115369088)  2024-02-14T00:50Z [----] followers, [---] engagements


"$PARA 2Q23 Conf Call re: EYEQ platform"  
[X Link](https://x.com/garyHeff/status/1757760435292377438)  2024-02-14T13:35Z [----] followers, [---] engagements


"@SkiGuy1818 @CGasparino @WarrenBuffett @paramountco @FoxBusiness What do you make of it Berkshire started at [--] million shares gradually took it up to [--] million stayed there for about a year and is down to [--] million shares"  
[X Link](https://x.com/garyHeff/status/1757918070147059914)  2024-02-15T00:01Z [----] followers, [---] engagements


"@commonsense6174 @jtoonkel Good points. The streaming JV is interesting in that if there's a minority partner (50%) they can remove the streaming losses from their income statement"  
[X Link](https://x.com/garyHeff/status/1758554209891357141)  2024-02-16T18:09Z [----] followers, [---] engagements


"@streamingbowl Based on their stock price you'd think $CHTR might not try to "win" another carriage dispute in the same fashion as their Sep $DIS standoff"  
[X Link](https://x.com/garyHeff/status/1759773314728288487)  2024-02-20T02:53Z [----] followers, [---] engagements


"From today's $WMT 's conf call "Walmart+ members spend nearly twice as much with us as nonmembers and they buy more over the course of a year.""  
[X Link](https://x.com/garyHeff/status/1760082078840836593)  2024-02-20T23:20Z [----] followers, [--] engagements


""This combination would create new opportunities for advertisers to connect with customers empowering brands to realize greater impact from their advertising spend with $WMT.""  
[X Link](https://x.com/garyHeff/status/1760082080204001745)  2024-02-20T23:20Z [----] followers, [--] engagements


"@Bprew7 @Parth29192 Lina Khan rose to fame from her paper "Amazon's antitrust paradox" WMT/Vizio = more competition for Amazon Not conclusive but worth considering"  
[X Link](https://x.com/garyHeff/status/1760089112239882407)  2024-02-20T23:48Z [----] followers, [--] engagements


"$11bn offer for the Hollywood studio from $APO $PARA SCOOP: Apollo has made an $11 billion offer to buy Paramount Globals film and TV studio $PARA https://t.co/6sy12nQ4p8 via @WSJ SCOOP: Apollo has made an $11 billion offer to buy Paramount Globals film and TV studio $PARA https://t.co/6sy12nQ4p8 via @WSJ"  
[X Link](https://x.com/garyHeff/status/1770588563853205990)  2024-03-20T23:09Z [----] followers, [----] engagements


"@PhillipsRelic @PuckNews @WilliamCohan He nailed it when he said Apollo wont overpay. I agree. $11bn is the bottom of the range"  
[X Link](https://x.com/garyHeff/status/1770599467579744286)  2024-03-20T23:53Z [----] followers, [--] engagements


"@MarioGabelli Would Apollo's $11bn valuation of Paramount's Hollywood studio influence the valuation process if Skydance sought to merge with Paramount and needed to establish fair values for both studios"  
[X Link](https://x.com/garyHeff/status/1770868674632544316)  2024-03-21T17:42Z [----] followers, [---] engagements


"Good point by @siyul: "If $APO wants to buy a part of a sinking ship it would patiently wait only jump it last minute pennies for $." $PARA On "Apollo's $11Bn bid for $PARA's studio". Most takes👇 miss the 🎯 ❌$11Bn studio bid shows $8Bn MktCap is a joke. ❌$11Bn is too low. ❌now we get a bidding war Most agree by SoAP $PARA is worth more but also agree it is a sinking ship a 🍩at the end and burns its On "Apollo's $11Bn bid for $PARA's studio". Most takes👇 miss the 🎯 ❌$11Bn studio bid shows $8Bn MktCap is a joke. ❌$11Bn is too low. ❌now we get a bidding war Most agree by SoAP $PARA is worth"  
[X Link](https://x.com/garyHeff/status/1771242686768456104)  2024-03-22T18:28Z [----] followers, [----] engagements


"@prosperousguy https://x.com/garyHeff/status/1782497078305775644 Fairness h/t @MercerCapital https://t.co/vy3W7XLQRJ https://x.com/garyHeff/status/1782497078305775644 Fairness h/t @MercerCapital https://t.co/vy3W7XLQRJ"  
[X Link](https://x.com/garyHeff/status/1782497926805086585)  2024-04-22T19:53Z [----] followers, [--] engagements


"Paramount Global Executive Change in Control Severance Protection Plan"  
[X Link](https://x.com/garyHeff/status/1783945189628817681)  2024-04-26T19:44Z [----] followers, [----] engagements


"Good take by @stocksonnets via @FT: "The company is expected to receive a counterbid from Sony and Apollo as soon as this week according to people familiar with the situation." "Sony and Apollo were seeking to submit their joint offer as close to that expiration date . " @garyHeff - feels like investors are missing the role Bob played in helping to drag this thing out for $APO/Sony to White Knight for the common buried b/c of course with $PARA Paramount expected to fire CEO Bob Bakish after clash with Shari Redstone https://t.co/SavutI4iAb @garyHeff - feels like investors are missing the role"  
[X Link](https://x.com/garyHeff/status/1784666184417255738)  2024-04-28T19:29Z [----] followers, [---] engagements


"@AsifSuria I'm still thinking through which one I'd rather own if I had to pick. @PhillipsRelic has been all over this and might be able to offer some ideas. I can't believe i'm saying this but one of the tickers has far more retail appeal which acts a free option in this environment"  
[X Link](https://x.com/garyHeff/status/1790415079952859213)  2024-05-14T16:13Z [----] followers, [---] engagements


"hat tip: @PuckNews $PARA $PARA Sony Said To Be Rethinking Paramount Bid - @CNBC $PARA Sony Said To Be Rethinking Paramount Bid - @CNBC"  
[X Link](https://x.com/garyHeff/status/1790452236042002653)  2024-05-14T18:40Z [----] followers, [----] engagements


"Is $MSFT likely to exit this business altogether or was the $NFLX ad tech partnership a test-run before launching something bigger cc: Microsoft expert @willis_cap Big Netflix news: the ad tier now has [--] million users in [--] countries AND Netflix is starting its own ad tech platform and ending the Microsoft partnership as a tech provider. MSFT will continue as a programming as partner https://t.co/B1DhHTunzF Big Netflix news: the ad tier now has [--] million users in [--] countries AND Netflix is starting its own ad tech platform and ending the Microsoft partnership as a tech provider. MSFT will"  
[X Link](https://x.com/garyHeff/status/1790831317048832214)  2024-05-15T19:47Z [----] followers, [---] engagements


"@lundeen_ne Id say its good for a 5% markdown in the stock (I like the stock)"  
[X Link](https://x.com/garyHeff/status/1793749539402244540)  2024-05-23T21:03Z [----] followers, [---] engagements


"we could double or maybe even triple the amount of advertising $WMT $VZIO h/t @barronsonline"  
[X Link](https://x.com/garyHeff/status/1794013472822345916)  2024-05-24T14:31Z [----] followers, [---] engagements


"A sweetened cash injection that brings $PARA to investment grade status does that put the double trigger back in play which makes the debt callable at [---] (ie not assignable) in a change of control Interesting tactic to bring bidders to the table. Zaslavs still hoping somehow there's a shot at getting at $PARA. Not that they would buy Paramount not that they would but that there'll be some opportunity to pick either pick Paramount+ up or do something if in fact well who knows @davidfaber $WBD https://t.co/u9WSe5JiKM Zaslavs still hoping somehow there's a shot at getting at $PARA. Not that"  
[X Link](https://x.com/garyHeff/status/1796313022652191140)  2024-05-30T22:49Z [----] followers, [----] engagements


"Contd Something like this: 1) Skydance Round [--] (May [--] exclusive) to try to force $WBD to table 2) Delayed due to $CHTR renegotiation (thanks Malone) 3) Skydance Round [--] to try to force WBD to table 4) $PARA"  
[X Link](https://x.com/garyHeff/status/1796476278260068680)  2024-05-31T09:38Z [----] followers, [---] engagements


"Question via DM: how does $WBD benefit from the delay Generally: more time is better than a forced deadline in a negotiation One possible specific answer: WBD saw NBA rights bids. CBS NFL package looks undervalued by comparison. $PARA"  
[X Link](https://x.com/garyHeff/status/1796496812519690701)  2024-05-31T10:59Z [----] followers, [---] engagements


"The @wsj s @jtoonkel reports on the current $PARA deal structure. Calls it two step no further details. Also reports on the prior deal structure. Two step with merger opposed by shareholders. Is there information in the lack of detail surrounding the current bid 🤔"  
[X Link](https://x.com/garyHeff/status/1796549249557233809)  2024-05-31T14:28Z [----] followers, [----] engagements


"Ability to cash out reads like its a partial tender $PARA SCOOP: Skydance revised offer would give nonvoting shares ability to cash out at around $15 a share-sources.story tk SCOOP: Skydance revised offer would give nonvoting shares ability to cash out at around $15 a share-sources.story tk"  
[X Link](https://x.com/garyHeff/status/1797349306346704922)  2024-06-02T19:27Z [----] followers, [----] engagements


"NYT reports: 1) we have special committee approval and 2) the deal hasnt been conditioned on a shareholder vote According to Flood MFW protections need to be established prior to special committee evaluation / negotiation. $PARA scoop: Skydance has now agreed to put in at least $1.5 billion to pay down debt in event of a deal plus a $15 a share tender offer. But there's still a big issue outstanding: Who would pay for a shareholder lawsuit w/@LaurenSHirsch $PARA https://t.co/tLi5eZHWxB scoop: Skydance has now agreed to put in at least $1.5 billion to pay down debt in event of a deal plus a"  
[X Link](https://x.com/garyHeff/status/1797425823412339020)  2024-06-03T00:31Z [----] followers, [----] engagements


"Does this trigger Revlon and effectively remove Sharis blocking position Not having to negotiate with Shari and simply having to offer the best price to the board is a much better setup for a potential acquirer. $PARA $PARA Skydance poised to announce takeover or Paramount _ CNBC skydance will tender for 50% of B Shares for $15 $PARA Skydance poised to announce takeover or Paramount _ CNBC skydance will tender for 50% of B Shares for $15"  
[X Link](https://x.com/garyHeff/status/1797618676138737870)  2024-06-03T13:17Z [----] followers, [----] engagements


"This makes me wonder if Redstone is rolling her $PARA B shares after all SKYDANCE SAID TO OFFER $23 A SHARE FOR PARAMOUNT VOTING STOCK $PARA SKYDANCE SAID TO OFFER $23 A SHARE FOR PARAMOUNT VOTING STOCK $PARA"  
[X Link](https://x.com/garyHeff/status/1797670329596403990)  2024-06-03T16:43Z [----] followers, [----] engagements


"@SkiGuy1818 @MonacoPort Im not sure what stops Skydance from squeezing out the remainder after they get their initial stake. A take private aka take under at $15 after using the threat of the SD deal to put a lid on the stock would be gross"  
[X Link](https://x.com/garyHeff/status/1797770022305386663)  2024-06-03T23:19Z [----] followers, [---] engagements


"@MonacoPort @SkiGuy1818 No argument there. The other thing Id like to know is how much Skydance already owns. The stock was depressed for a while on SD rumors but before the due diligence phase. If SD didnt sign a standstill until DD (or if at all) then they may have already started buying $PARA"  
[X Link](https://x.com/garyHeff/status/1797772515546460283)  2024-06-03T23:29Z [----] followers, [---] engagements


"The Skydance deal has a 45-day go shop as reported by @davidfaber How does this work with a controlling shareholder Can she still say no at that point Or is the board obligated to take a deal thats better for all shareholders than Skydance $PARA"  
[X Link](https://x.com/garyHeff/status/1798052772434399425)  2024-06-04T18:02Z [----] followers, [---] engagements


"If the latter wouldnt Shari risk getting a far worse deal for herself if another bidder shows up during the go shop window Why would she risk that $PARA"  
[X Link](https://x.com/garyHeff/status/1798053028693750140)  2024-06-04T18:03Z [----] followers, [---] engagements


"This reads like an attempt to solicit a bid $PARA Is this to get a higher bid out of Skydance Or is Skydance playing the role of a stalking horse to elicit a bid from a third party"  
[X Link](https://x.com/garyHeff/status/1798085865039884750)  2024-06-04T20:14Z [----] followers, [----] engagements


"@PhillipsRelic $WBD got the message"  
[X Link](https://x.com/garyHeff/status/1798123602027348301)  2024-06-04T22:44Z [----] followers, [---] engagements


"Uncertainty is high I change my mind a lot there are no future facts etc. With that caveat Im back to thinking Skydance is a tactic to bring $WBD to the table to pick up CBS $PARA"  
[X Link](https://x.com/garyHeff/status/1798342208787198435)  2024-06-05T13:12Z [----] followers, [----] engagements


"and potentially Paramount+. Hard to say exactly how it would go. $WBD s recently revealed international hard bundle strategy sounds exactly like $PARA s And if you want to stay in sports whats better than a broadcast net w NFL"  
[X Link](https://x.com/garyHeff/status/1798343411038384332)  2024-06-05T13:17Z [----] followers, [---] engagements


"@Katalitat It makes sense to me. NFL package looks like a bargain now vs NBA"  
[X Link](https://x.com/garyHeff/status/1798470850901148086)  2024-06-05T21:43Z [----] followers, [--] engagements


"The latest @PuckNews piece by @WilliamCohan suggests at least one MFW factor--the majority of the minority vote--is deficient $PARA"  
[X Link](https://x.com/garyHeff/status/1798480193629138999)  2024-06-05T22:21Z [----] followers, [----] engagements


"I find it hard to believe that Sharis final request is for a condition that wont help her. Shes a lawyer after all"  
[X Link](https://x.com/garyHeff/status/1798487694588236206)  2024-06-05T22:50Z [----] followers, [---] engagements


"@PhillipsRelic I'm not sure I follow your game theory. It is NAI that has their $PARA shares pledged as collateral for NAI's borrowings. NAI has a payment coming up next year. It is Shari that needs liquidity not Gabelli"  
[X Link](https://x.com/garyHeff/status/1798492243625644136)  2024-06-05T23:08Z [----] followers, [---] engagements


"@PhillipsRelic For a second let's assume the article is accurate. The article says she's worried she won't get her money--free and clear of shareholder lawsuits--without the vote. That's why she's pressing it"  
[X Link](https://x.com/garyHeff/status/1798494041132392546)  2024-06-05T23:16Z [----] followers, [---] engagements


"@PhillipsRelic Gabelli is on record saying $PARA should not sell. He thinks they should remain a standalone company and sell in 2-3 years (I forget the exact timeframe mentioned)"  
[X Link](https://x.com/garyHeff/status/1798494287438733695)  2024-06-05T23:17Z [----] followers, [---] engagements


"@stocksonnets @WilliamCohan Agreed. If they turn around and issue a PIK note after telling us theyre on the path to investment grade well Ill have some thinking to do 🫡"  
[X Link](https://x.com/garyHeff/status/1799738749141795123)  2024-06-09T09:42Z [----] followers, [--] engagements


"@stocksonnets @WilliamCohan FYI I was thinking something like $INTC s [----] convert would be favorable. Low coupon 30Y companys option to pay in cash and importantly UOP to immediately buy back undervalued stock @Short2Dirt @WilliamCohan Thanks NeverSell. Your points are well taken and it could play out the way you describe. OTOH the optimist in me is hoping for something more like the INTC transaction below which includes a stock repurchase component. https://t.co/MFUnwBwWu6 @Short2Dirt @WilliamCohan Thanks NeverSell. Your points are well taken and it could play out the way you describe. OTOH"  
[X Link](https://x.com/garyHeff/status/1799747142308987047)  2024-06-09T10:15Z [----] followers, [---] engagements


"Yesterday we got the 8-K that the three new CEOs have their golden parachute in place Today we got the news that Shari herself killed the deal What comes next $PARA Shari Redstone killed the Ellison deal for @paramountco @PuckNews more details coming Shari Redstone killed the Ellison deal for @paramountco @PuckNews more details coming"  
[X Link](https://x.com/garyHeff/status/1800617100999831917)  2024-06-11T19:52Z [----] followers, [----] engagements


"The bull case laid out by Rich Greenfield Has hell frozen over $PARA New pod: So THAT happened. Shari ghosts David and the fallout for Paramount will be massive. With Redstone holiday card recipient @RichLightShed. Listen https://t.co/Blu9QqjQOL New pod: So THAT happened. Shari ghosts David and the fallout for Paramount will be massive. With Redstone holiday card recipient @RichLightShed. Listen https://t.co/Blu9QqjQOL"  
[X Link](https://x.com/garyHeff/status/1801013819151446458)  2024-06-12T22:08Z [----] followers, [----] engagements


"@PhillipsRelic @admagazzu @MattBelloni @RichLightShed If the ultimate plan is to exit why not sale leaseback the real estate and use proceeds to pay down debt or buyback stock on the cheap"  
[X Link](https://x.com/garyHeff/status/1801020006769004716)  2024-06-12T22:33Z [----] followers, [--] engagements


"Is he saying hed vote his majority of the minority As for an A share reclassification to Bs at a premium The numbers leaked from the spec committee on Skydance were $23 A $15 B so 53% premium $PARA Paramount.voting shares entitled to premium.NAI is entitled for premiumif there is change of controlof NAI .or of paramountneed FCC approval (as defined by FCC) as a security analyst/pm work for clients who own shares //voting //non voting look at LENNAR re voting shr Paramount.voting shares entitled to premium.NAI is entitled for premiumif there is change of controlof NAI .or of paramountneed FCC"  
[X Link](https://x.com/garyHeff/status/1801339635962102183)  2024-06-13T19:43Z [----] followers, [----] engagements


"Recall $WMT struck a 2-year deal with $PARA 's P+ in Aug / Sep 2022"  
[X Link](https://x.com/garyHeff/status/1803910039796879653)  2024-06-20T21:57Z [----] followers, [---] engagements


"Worthwhile read on the state of streaming Interviews with [--] media executives including Brian Roberts John Malone Barry Diller and Ted Sarandos about the future of streaming bundling ads more (New York Times) https://t.co/oe58ljhRo2 https://t.co/ANIXF7ty3M Interviews with [--] media executives including Brian Roberts John Malone Barry Diller and Ted Sarandos about the future of streaming bundling ads more (New York Times) https://t.co/oe58ljhRo2 https://t.co/ANIXF7ty3M"  
[X Link](https://x.com/garyHeff/status/1805189066473799906)  2024-06-24T10:39Z [----] followers, [---] engagements


"Listen to Barry Diller discuss Paramount on CNBC April [--] [----] $PARA https://podcasts.apple.com/us/podcast/squawk-pod/id1480890290i=1000651450383 https://podcasts.apple.com/us/podcast/squawk-pod/id1480890290i=1000651450383"  
[X Link](https://x.com/garyHeff/status/1807915811366899769)  2024-07-01T23:14Z [----] followers, [----] engagements


"@SkiGuy1818 Im open to how you think this plays out. Diller invests in NAI. Becomes the new Shari Redstone. His equity investment is at risk Paramounts debt could wipe him out if he doesnt steady the ship. Whats his move"  
[X Link](https://x.com/garyHeff/status/1807926440144560543)  2024-07-01T23:57Z [----] followers, [---] engagements


"Paramount $PARA would have been acquired by now if it weren't for the Biden administration's antitrust regulators In the last week we've seen Biden's re-election odds plummet on betting markets such as Polymarket 1/5"  
[X Link](https://x.com/garyHeff/status/1808291018103562283)  2024-07-03T00:05Z [----] followers, [----] engagements


"Just today @davidfaber mentioned that the prospect of a Trump presidency could mean consolidation in the media industry 2/5"  
[X Link](https://x.com/garyHeff/status/1808291020586590678)  2024-07-03T00:05Z [----] followers, [---] engagements


"@MarioGabelli I'm sure this is wrong: if PARA successfully pac man's NAI and NAI's shares are retired and your A shares are left outstanding do you become the new controlling shareholder"  
[X Link](https://x.com/garyHeff/status/1808525357986754569)  2024-07-03T15:37Z [----] followers, [---] engagements


"@BrokenMoats What do you think the bull case is / what do the bulls see Their top outside shareholder is no slouch. Not saying they're right"  
[X Link](https://x.com/garyHeff/status/1811807664692658419)  2024-07-12T16:59Z [----] followers, [--] engagements


"Trump wont block this deal because Zucker isnt involved Sources are telling me that despite rumors Skydance has no plans to name Jeff Zucker to head CBS after the merger with Paramount. $PARA Sources are telling me that despite rumors Skydance has no plans to name Jeff Zucker to head CBS after the merger with Paramount. $PARA"  
[X Link](https://x.com/garyHeff/status/1811851083498610858)  2024-07-12T19:52Z [----] followers, [---] engagements


"@rafcobos @lundeen_ne Purely hypothetical I could see $WBD linear spinco merging with $PARA linear spinco. Leverage over cable TV distributors & extricates goodco from badco. Would also answer the Q: what does Ellison want with linear tv Answer: nothing"  
[X Link](https://x.com/garyHeff/status/1813937441247822110)  2024-07-18T14:02Z [----] followers, [---] engagements


". but they could also potentially merge which is one of the scenarios we laid out with an entity that has a broadcast network. Now they're not all for sale - Jessica Reif Ehrlich $WBD $PARA The financials are getting scary for Warner Bros Discovery. Whats next With BofA Securities analyst Jessica Reif Ehrlich. Plus: How Amazon plans to bigfoot TNTs NBA matching rights from Mr Basketball @BillSimmons. Listen https://t.co/A6mhOGkAU3 The financials are getting scary for Warner Bros Discovery. Whats next With BofA Securities analyst Jessica Reif Ehrlich. Plus: How Amazon plans to bigfoot TNTs NBA"  
[X Link](https://x.com/garyHeff/status/1814809615386718261)  2024-07-20T23:48Z [----] followers, [----] engagements


"$WBD can't compete with $AMZN see: failed NBA rights deal Is this enough to convince the regulators to allow $WBD to acquire a broadcast network"  
[X Link](https://x.com/garyHeff/status/1816243904183718253)  2024-07-24T22:47Z [----] followers, [----] engagements


"$LGF is converting voting to non-voting shares at a 12% per share exchange premium"  
[X Link](https://x.com/garyHeff/status/1818037346123792501)  2024-07-29T21:34Z [----] followers, [---] engagements


"I had expected a higher premium given what just happened between $PARAA and $PARA . Good on $LGF for not pushing the envelope on this one"  
[X Link](https://x.com/garyHeff/status/1818037534037000479)  2024-07-29T21:35Z [----] followers, [---] engagements


"Blavatnik's [----] Warner Music Group $WMG acquisition was a prescient bet preceding the streaming-driven music industry revival h/t @BillAckman @PershingSquare"  
[X Link](https://x.com/garyHeff/status/1818324109404582311)  2024-07-30T16:33Z [----] followers, [---] engagements


"@ACapitalLP @matt_levine The A shares are trading through the deal price. Fake buyout offer aside something is up. At a minimum i'd guess it's a little sweetener from Skydance"  
[X Link](https://x.com/garyHeff/status/1818663525050421324)  2024-07-31T15:02Z [----] followers, [--] engagements


"$WBD would have a fighting chance for the NBA if they owned a broadcast network & NFL rights (per WSJ reporting) The plot thickens on Warner/NBA drama."The NBAs deal with Amazon included several provisions that Warner couldnt match say people familiar with the situation including one tied to Amazons carriage of National Football League games. TNT doesnt carry NFL programming." The plot thickens on Warner/NBA drama."The NBAs deal with Amazon included several provisions that Warner couldnt match say people familiar with the situation including one tied to Amazons carriage of National Football"  
[X Link](https://x.com/garyHeff/status/1820886301895487862)  2024-08-06T18:14Z [----] followers, [----] engagements


"Hulu valuation = $27.5bn to $32.5bn $DIS $CMCSA"  
[X Link](https://x.com/garyHeff/status/1821170356528263631)  2024-08-07T13:03Z [----] followers, [---] engagements


"$DIS CFO Hugh Johnston: streaming margins will ultimately "well surpass" double-digits"  
[X Link](https://x.com/garyHeff/status/1821195624118906958)  2024-08-07T14:44Z [----] followers, [----] engagements


"$PARAA at $23 plus dividends through close = trading though SD deal price. Suggests market believes deal gets bumped higher or something better than SD materializes $PARA. Efficient market. Doesnt believe SD deal happens (or anticipates $7-$8 post tender). Doesnt believe another bid coming. Doesnt believe Tatiana Logan is real. There may be a white knight post earnings and before go shop ends - bleak right now which is when you buy $PARA. Efficient market. Doesnt believe SD deal happens (or anticipates $7-$8 post tender). Doesnt believe another bid coming. Doesnt believe Tatiana Logan is"  
[X Link](https://x.com/garyHeff/status/1821225109195002159)  2024-08-07T16:41Z [----] followers, [---] engagements


"Financial statements often provide clues. With the benefit of hindsight there were clues that $WBD was close to taking a big goodwill writedown. Compare the language between the [----] and [----] annual reports"  
[X Link](https://x.com/garyHeff/status/1821360917826658594)  2024-08-08T01:40Z [----] followers, [----] engagements


"Corporate structure is a secondary consideration once the studio and DTC investments start bearing fruit Interesting comment in light of reports calling to split up the company $WBD"  
[X Link](https://x.com/garyHeff/status/1821384780476502280)  2024-08-08T03:15Z [----] followers, [---] engagements


"@AkronsBobert thanks bob from accounting. do you know if WBD's goodwill writedown gets a tax benefit from what i can tell the goodwill was created from a stock merger so without a section [---] election they don't get a tax benefit. any idea where to find the answer to this"  
[X Link](https://x.com/garyHeff/status/1821665056095879312)  2024-08-08T21:49Z [----] followers, [--] engagements


"@SkiGuy1818 @Skydance Skydance is prepared for the tender to be undersubscribed which is something that would happen if the stock traded above $15. Skydance then gets more shares directly from the company and cash goes to balance sheet"  
[X Link](https://x.com/garyHeff/status/1821678836993683616)  2024-08-08T22:44Z [----] followers, [----] engagements


"I'm in the minority here but I don't think an optional tender is a covered call. Skydance has even contemplated an undersubscribed tender which suggests they can foresee a scenario where the shares trade above $15 $PARA @SkiGuy1818 @Skydance Skydance is prepared for the tender to be undersubscribed which is something that would happen if the stock traded above $15. Skydance then gets more shares directly from the company and cash goes to balance sheet. https://t.co/lScftPnBPa @SkiGuy1818 @Skydance Skydance is prepared for the tender to be undersubscribed which is something that would happen"  
[X Link](https://x.com/garyHeff/status/1821679335721357409)  2024-08-08T22:46Z [----] followers, [----] engagements


"$WBD has investment grade bond covenants. One covenant restricts WBD from selling "all or substantially all" of its assets. However "all or substantially all assets" is not well defined in the documents and there appear to be few if any precedents for this situation. 1/3"  
[X Link](https://x.com/garyHeff/status/1821705238975258933)  2024-08-09T00:29Z [----] followers, [----] engagements


"This got me thinking: If $WBD were considering spinning off its cable networks would they first write down the asset value of those networks Doing so might strengthen their argument that the cable networks don't qualify as "all or substantially all assets." 2/3"  
[X Link](https://x.com/garyHeff/status/1821705240220983418)  2024-08-09T00:29Z [----] followers, [---] engagements


"I think the answer is yes but I really don't know. So far we've seen some creative maneuvers by $PARA and $LGF to get around creditors. Why not $WBD too I'm hoping someone with a credit background can chime in here. 3/3"  
[X Link](https://x.com/garyHeff/status/1821705241542173155)  2024-08-09T00:29Z [----] followers, [---] engagements


"Shareholders v. Creditors when it comes to badco spinoff v. bankruptcy filing $BHC "A risk for bondholders is that divesting Bauschs stake in its eye-care subsidiary diminishes assets available to pay its debts." h/t @SomaBisWSJ"  
[X Link](https://x.com/garyHeff/status/1821893173427220565)  2024-08-09T12:55Z [----] followers, [---] engagements


"Thinking some more on this: wouldn't a highly indebted cable spinco hurt the market value of the bonds making it even easier to retire debt at a discount via open market purchases $WBD $WBD has investment grade bond covenants. One covenant restricts WBD from selling "all or substantially all" of its assets. However "all or substantially all assets" is not well defined in the documents and there appear to be few if any precedents for this situation. 1/3 $WBD has investment grade bond covenants. One covenant restricts WBD from selling "all or substantially all" of its assets. However "all or"  
[X Link](https://x.com/garyHeff/status/1822409397403816081)  2024-08-10T23:07Z [----] followers, [----] engagements


"Status quo looks increasingly unworkable. Hurdles to indebted linear spinco include creditors and rights (linear vs. streaming). Impediments to scaling up include regulators and asset sales. Something will give I'm just not sure what it will be"  
[X Link](https://x.com/garyHeff/status/1823009533456695464)  2024-08-12T14:51Z [----] followers, [---] engagements


"Similar to what happened at $PARA a downgrade at $WBD makes it easier to split the company & have the debt travel with new linearco"  
[X Link](https://x.com/garyHeff/status/1824528263307223491)  2024-08-16T19:26Z [----] followers, [---] engagements


""While Bronfman might not be able to put the same amount of money into $PARA" = he's not buying the whole company and is buying a piece of NAI and/or a partial tender 1/4"  
[X Link](https://x.com/garyHeff/status/1825686394364117287)  2024-08-20T00:08Z [----] followers, [----] engagements


""He is planning to offer something else to $PARA's shareholders: the option to own more of the company" To characterize Bronfman's unwillingness to participate in Shari's self-dealing as a positive for shareholders is misleading. Controllers have fidu oblg to minorities. 2/4"  
[X Link](https://x.com/garyHeff/status/1825686395987329288)  2024-08-20T00:08Z [----] followers, [---] engagements


"addendum: why would NAI go with Bronfman Only if his deal places a valuation on NAI that exceeds that of the Skydance deal. I think it's in the realm of possibility. 5/4"  
[X Link](https://x.com/garyHeff/status/1825686399464382806)  2024-08-20T00:08Z [----] followers, [---] engagements


"Given: - Price paid for NAI equity - [----] A to B conversion - No backdoor merger a la Skydance Dont we have enough info to approximate the price the Bronfman group is paying to get into $PARA Paramount.NAI/Bronfman Edgar .Simple questionprice NAI is getting for voting //non voting in your proposalour Operation Fishbowl Paramount.NAI/Bronfman Edgar .Simple questionprice NAI is getting for voting //non voting in your proposalour Operation Fishbowl"  
[X Link](https://x.com/garyHeff/status/1826246958161215703)  2024-08-21T13:16Z [----] followers, [----] engagements


"Why would Shari's former Advancit colleague Jonathan Miller personally participate in the Bronfman bid instead of bringing in Integrated Media Co. and/or TPG $PARA https://www.integratedmedia.com/about https://www.integratedmedia.com/about"  
[X Link](https://x.com/garyHeff/status/1826364746309746881)  2024-08-21T21:04Z [----] followers, [---] engagements


"I spoke too soon. If Bronfman wants a shareholder vote then this will get extended by more than [--] days. $PARA When you just want the $PARA saga to end and it gets extended by [--] days https://t.co/HzQ0OO95D2 When you just want the $PARA saga to end and it gets extended by [--] days https://t.co/HzQ0OO95D2"  
[X Link](https://x.com/garyHeff/status/1826446094550630805)  2024-08-22T02:27Z [----] followers, [----] engagements


"Do I have this right @MarioGabelli : - NAI monetizes super premium by selling to Bronfman - Bronfman monetizes 53% premium on A to B conversion - Centerview recommends majority of combined A&B vote a la $STZ to neutralize your A share veto power $PARA Paramount.NAI/Bronfman Edgar .Simple questionprice NAI is getting for voting //non voting in your proposalour Operation Fishbowl Paramount.NAI/Bronfman Edgar .Simple questionprice NAI is getting for voting //non voting in your proposalour Operation Fishbowl"  
[X Link](https://x.com/garyHeff/status/1826609860441411924)  2024-08-22T13:18Z [----] followers, [---] engagements


"Once again hopefully I've got it wrong but it does make you wonder who picked up shares during the self-inflicted Skydance sell-off earlier this year"  
[X Link](https://x.com/garyHeff/status/1826609862895435936)  2024-08-22T13:18Z [----] followers, [---] engagements


"What follows is purely speculative and off the cuff: I think it's inconceivable that $PARA's lawyers would forget to do something as simple as notifying Skydance per the merger agreement 1/5 @laurenthomas According to Skydance Paramount's lawyers breached go-shop because Bronfman offer isn't "superior" but ALSO they breached the terms of the deal because no one notified Skydance they were extending the go-shop @laurenthomas According to Skydance Paramount's lawyers breached go-shop because Bronfman offer isn't "superior" but ALSO they breached the terms of the deal because no one notified"  
[X Link](https://x.com/garyHeff/status/1826742649698799803)  2024-08-22T22:06Z [----] followers, [----] engagements


"Based on the above if Skydance terminates the deal due to a breach before a separate acquisition proposal is announced then I don't think $PARA owes the break fee"  
[X Link](https://x.com/garyHeff/status/1826771333562483013)  2024-08-23T00:00Z [----] followers, [---] engagements


"Here is my attempt at reading the tea leaves of the $PARA exec compensation change that was 8-k'd last night 1/5"  
[X Link](https://x.com/garyHeff/status/1846604112504229919)  2024-10-16T17:28Z [----] followers, [---] engagements


"What's chngd: Initially each co-CEO's increased bonus opportunity was set to apply only while they remained members of the Office of the CEO. Now this bonus opportunity will continue for the duration of their employment even if they cease working for the Office of the CEO 3/5"  
[X Link](https://x.com/garyHeff/status/1846604116434485533)  2024-10-16T17:28Z [----] followers, [--] engagements


"Why the change One possible explanation is that at least one member of the Office of the CEO is soon to be "demoted" in the sense that they will no longer be co-CEO of Paramount Global. Id imagine theyd retain their position as head of their respective business unit. 4/5"  
[X Link](https://x.com/garyHeff/status/1846604118032273579)  2024-10-16T17:28Z [----] followers, [---] engagements


"the war for viewers and content is over with the streamers h/t @bradsling @NZSCapital"  
[X Link](https://x.com/garyHeff/status/1848117274617802887)  2024-10-20T21:41Z [----] followers, [---] engagements


"Gabellis latest $PARA 13D includes GAMCOs open letter to the BoD regarding the offer from Project Rise Partners"  
[X Link](https://x.com/garyHeff/status/1851020203502498098)  2024-10-28T21:56Z [----] followers, [---] engagements


"Is Mr. Ghadiyali of Malka (part of Project Rise Group) an employee of Abu Dhabis Sheikh Tahnoon bin Zayed Al Nahyan $PARA"  
[X Link](https://x.com/garyHeff/status/1851038893572772304)  2024-10-28T23:10Z [----] followers, [---] engagements


"Evidence of Shari's efforts to protect the Paramount brand: 1) any streaming JV that includes the Paramount studio will have to include the "Paramount Brand" 2) a transformative business combination (e.g. merger) removes the requirement in #1 $PARA"  
[X Link](https://x.com/garyHeff/status/1851624341546390006)  2024-10-30T13:56Z [----] followers, [---] engagements


"As mentioned in @Lucas_Shaw 's blog Screentime the $WBD $CMCSA $PARA execs could merge their streamers but the roadblock is control. Shari put Paramount in stronger hands giving the co more leverage in these negotiations yet potentially prolonging the game of chicken"  
[X Link](https://x.com/garyHeff/status/1851627218583076949)  2024-10-30T14:08Z [----] followers, [----] engagements


"Comcast $CMCSA looking at separating cable networks. Other cable network owners ( $PARA $WBD ) would logically do the same then consolidate"  
[X Link](https://x.com/garyHeff/status/1851973167968846181)  2024-10-31T13:03Z [----] followers, [---] engagements


"Today's $CMCSA earnings call: "we chose not to participate in Paramount M&A process but we would consider partnerships in streaming despite their complexities" $PARA $WBD As mentioned in @Lucas_Shaw 's blog Screentime the $WBD $CMCSA $PARA execs could merge their streamers but the roadblock is control. Shari put Paramount in stronger hands giving the co more leverage in these negotiations yet potentially prolonging the game of chicken https://t.co/xuySMeAN5T As mentioned in @Lucas_Shaw 's blog Screentime the $WBD $CMCSA $PARA execs could merge their streamers but the roadblock is control."  
[X Link](https://x.com/garyHeff/status/1851974123032817939)  2024-10-31T13:06Z [----] followers, [----] engagements


"The information statement has arrived $PARA"  
[X Link](https://x.com/garyHeff/status/1853603971744608281)  2024-11-05T01:03Z [----] followers, [----] engagements


"Was Party F in the $PARA process MHR Fund Management with their controlled studio Lionsgate $LGF $LGF.A $LGF.B $LION"  
[X Link](https://x.com/garyHeff/status/1856054833993638227)  2024-11-11T19:22Z [----] followers, [----] engagements


"Party G wanted Paramount Studios but not the entire company. They inquired after Apollo created some deal heat. We never heard from them again after their inquiry. Any guesses as to who they might be (Party H is Sony) $PARA $SONY"  
[X Link](https://x.com/garyHeff/status/1856093332729893282)  2024-11-11T21:55Z [----] followers, [----] engagements


"Whoever "Party F" is Shari wanted nothing to do with their proposal. "Ms. Redstone did not intend to respond to the representative of Party F" $PARA"  
[X Link](https://x.com/garyHeff/status/1856346736899367113)  2024-11-12T14:42Z [----] followers, [---] engagements


"It wouldn't surprise me if $CMCSA is running a parallel process that contemplates a reverse morris trust (RMT) in lieu of a spin $PARA did this with CBS Radio. 1st they announced a split-off and the announcement served as a flare gun to attract merger partners for an RMT 1/2 Today on The Powers That Be: @DylanByers on Comcasts seismic decision to spin off NBCUs declining cable assets + The story behind Joe and Mikas visit with Trump at Mar-A-Lago https://t.co/5aiNlPSzBZ @PuckNews Today on The Powers That Be: @DylanByers on Comcasts seismic decision to spin off NBCUs declining cable assets +"  
[X Link](https://x.com/garyHeff/status/1859795173057912929)  2024-11-22T03:04Z [----] followers, [----] engagements


"Doing an RMT instead of a pure spin jives with @DylanByers point that $CMCSA is more likely to sell its cable networks to private equity than consolidate the industry themselves 2/2"  
[X Link](https://x.com/garyHeff/status/1859795175792574811)  2024-11-22T03:04Z [----] followers, [---] engagements


""Maybe they want to do something with us at SpinCo" I can't tell if Faber is joking about $CMCSA cable nets teaming up with $PARA cable nets in "Spinco" AND Peacock teaming up w Paramount+ (from today's Squawk on the Street)"  
[X Link](https://x.com/garyHeff/status/1861179850674885065)  2024-11-25T22:47Z [----] followers, [----] engagements


"$WMT & shoppable entertainment - Walmart launched its first shoppable feature film "Jingle Bell Love" with $ROKU - It's ramping up its efforts this holiday to get people to shop while watching TV - WMT made some key changes to its shoppable entertainment strategy this year I wrote about all the ways @Walmart is trying to get you to shop from the TV this year including its first shoppable feature film: https://t.co/5hwDFNPIYT I wrote about all the ways @Walmart is trying to get you to shop from the TV this year including its first shoppable feature film: https://t.co/5hwDFNPIYT"  
[X Link](https://x.com/garyHeff/status/1861806490245271609)  2024-11-27T16:17Z [----] followers, [---] engagements


"A huge loss to the country that @LouHaigh is stepping down Whoever replaces her as Transport Secretary needs to care as much about public transport as she does 🚌🚄"  
[X Link](https://x.com/CatHobbs/status/1862419693161578616)  2024-11-29T08:53Z [----] followers, 58.4K engagements

Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing