Episode 201: No Matter Who Buys Warner Bros., We Lose (News Show)

Dec 10, 2025

Warner Bros. is selling itself like a $1.50 hot dog at Costco, and everyone wants a bite. Before the weekend, Netflix looked like it had a clear path to regulatory review. But now, New Paramount is taking a swing with a hostile takeover. Things are about to get ugly. Regardless of who wins, though, we lose. Consolidation continues and consumers pay the price.

Also: Nintendo, Square Enix, Take-Two, Embracer Group, and Sony earnings; Circana’s report on U.S. video game spending for October 2025; and another grim labor report.

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TIME STAMPS

• [00:06:02] - PAX Unplugged Roundup
• [00:23:44] - Circana Report on U.S Video Game Spending for October 2025
• [00:31:49] - Sony Earnings for Q2 FY26
• [00:36:49] - Nintendo Earnings for H1 FY26
• [00:48:15] - Square Enix Earnings for H1 FY26
• [00:54:31] - Take-Two Earnings for Q2 FY26
• [00:55:39] - Embracer Group Earnings for Q2 FY26
• [00:59:48] - iam8bit is Suing Skybound
• [01:02:40] - Tencent Pauses Light of Moritram Promotion During Sony Lawsuit
• [01:03:35] - Krafton CEO Accused of Using ChatGPT to Get Out of Unknown Worlds Earnout
• [01:06:43] - Investment Interlude
• [01:24:37] - Quick Hits
• [01:29:47] - Labor Report
• [01:38:13] - FAFO

SOURCES

• Q2 FY2025 Consolidated Financial Results | Sony
• Nintendo Earnings for H1 FY2026 | Nintendo
• HUGE blow to Nintendo: head of U.S. patent office takes RARE step to order reexamination of “summon subcharacter and let it fight in 1 of 2 modes” patent | Games Fray
• Financial Results Briefing Session Six-Month Period Ended September 30, 2025 | Square Enix
• Take-Two Interactive Software, Inc. Reports Results for Fiscal Second Quarter 2026 | Take-Two
• Grand Theft Auto VI is Now Set to Launch November 19, 2026 | Rockstar
• Embracer Group publishes Interim Report Q2, July–September 2025 | Embracer Group
• Embracer Group divests Arc Games and Cryptic Studios | Embracer Group
• Arc Games Is Now an Independent Publisher | Arc Games
• iam8bit is suing Skybound Game Studios alleging fraud and theft of designs | Engadget
• Tencent agrees to stop promoting its Horizon ripoff during Sony lawsuit | Engadget
• Krafton CEO accused of forming secret task force 'Project X' to seize control of Unknown Worlds | Game Developer
• Remember Postal? | PC Gamer

INVESTMENT INTERLUDE

• Digiphile - About Us | Digiphile
• Saudi Fund to Own Almost All of Electronic Arts After Buyout | WSJ via MSN
• Netflix to Acquire Warner Bros. Following the Separation of Discovery Global for a Total Enterprise Value of $82.7 Billion (Equity Value of $72.0 Billion) | Netflix
• Netflix Sells Spry Fox Back to Founders | GameFile
• ‍Paramount launches all-cash tender offer to acquire Warner Bros. Discovery | Paramount

LABOR REPORT

• The Rockstar Workers Fired Before They Could Finish GTA 6 | People Make Games
• The Messages Rockstar Saw Before Firing 34 Union Members | People Make Games
• NetEase racks up its third studio casualty in one week, kneecapping dev working on a Warhammer MMO | PC Gamer
• Splash Damage places entire studio into consultation ahead of redundancies | GamesIndustry
• Three Fields Entertainment puts entire studio in consultation | Fiona Sperry on LinkedIn
• Coatsink to lay off half its staff due to "challenging co-development market" | GamesIndustry
• UK publisher Outright Games confirms layoffs | Game Developer
• Atomhawk is Closing its Canadian Studio | Atomhawk on LinkedIn
• Layoffs at Gorilla Tag dev Another Axiom | Jonathan Dearborn on LinkedIn