Netflix (NASDAQ: NFLX) announced on Friday morning that it is buying Warner Bros. for $82.7 billion.

On a short-notice investor call, Netflix co-CEOs Greg Peters and Ted Sarandos, joined by CFO Spencer Neumann and VP Spencer Wang, broke down the deal and fielded questions from industry analysts and financial executives.

Meeting takeaways

Netflix executives largely focused on how the deal could expand audiences and the options available to viewers.

“This acquisition brings together two pioneering entertainment companies,” Netflix co-CEO Ted Sarandos said.

They also frequently nodded to Warner Bros.’s century-long reign in the entertainment industry. By contrast, Netflix has only been around since 1997. Sarandos thanked WBD CEO David Zaslav for “trusting us with this incredible legacy of world-class storytelling.”

When the call opened to a Q&A session, Rich Greenfield, a partner at Lightshed Ventures, asked Peters about his past comments on media transactions having a “long, long history of … not [ending] well.”

“Why is this going to end differently than every other media transaction essentially of this scale and history?” Greenfield asked him.

Peters replied that media transactions typically fail due to the buyer’s lack of knowledge around the entertainment industry. “That doesn’t apply to us,” he said.

“This deal is pro-consumer, pro-innovation, pro-worker, it’s pro-creator, it’s pro-growth,” Sarandos later added, expressing confidence about regulatory proceedings.

A brief history of Warner Bros. Discovery

Warner Bros. Discovery initially came to be from a 2021-22 deal for Discovery, Inc. to purchase WarnerMedia off AT&T. But in its nearly 4-year existence, the company quickly grew to suffer from cultural pain points, including a lawsuit against the NBA and the re-branding of HBO Max as Max that was later reversed, The Hollywood Reporter published. Looking at the company’s latest balance sheet, WBD also holds a large amount of debt of about $33.5 billion, according to The Hollywood Reporter. Financial tensions came to a head as the company’s Motion Pictures and CNN teams dished out layoffs in the first half of the year.

The bidding war for Warner Bros.

After Warner Bros. announced in June that it would be splitting off from Discovery — the latter of which will be re-branding into two publicly traded companies, Streaming & Studios and Global Networks. What followed the reveal was a brutal bidding war between media giants Netflix, Paramount Skydance, and Comcast.

Paramount Skydance initially offered up a $2.1 billion breakup fee, a cost the seller in a transaction owes the buyer, should the seller back out of a deal. A higher fee, therefore, may signal that a seller is very committed to a deal. Paramount Skydance then hiked its fee to $5 billion on Wednesday as negotiations neared a resolution, according to Bloomberg — just shy of the $5.8 Netflix and WBD settled on.

The potential Netflix acquisition even caught Congressional attention, with Rep. Darrell Issa (R-CA) sending a letter to the Department of Justice to warn that the deal would be “problematic” from an antitrust perspective, given Netflix and HBO’s potential combined 30% streaming market share.

Things got so heated at one point that Paramount Skydance CEO David Ellison wrote a letter to Zaslav about his “serious concerns around the fairness and adequacy of the bidding process.”

Ellison went as far as to claim the company had a “credible basis” to believe that decision makers involved in the deal were motivated by compensation and titles that could come out of a potential Netflix deal.

WBD attorneys replied to Ellison, underlining their commitment to fiduciary obligations.

“It was competitive and rigorous, and we’re glad to be done with it this morning,” Sarandos said of the bidding process.

What’s next

The deal is expected to close after Global Networks splits off from WBD and is available to be publicly traded, around Q3 2026, Sarandos explained.

WBD stockholders can expect to earn $23.25 in cash and $4.50 in Netflix stock for each WBD stock they own, according to a Netflix press release.

When asked over Friday’s investor call whether there could be a possibility of another bid altering the deal later, Peters explained that the company’s focus is on the current acquisition.

“In a world where people have so many choices, more choices than ever, how to spend their time, we can’t stand still,” Sarandos said. “We need to keep innovating and investing in stories that matter most to audiences, and that’s what this deal is all about.”

At around 3:50 a.m. Eastern time on Friday, a Cloudflare outage took down part of the Internet for the second time in under a month.

Websites that were down included Zoom, Canva, and yes, Substack itself.

The 30-minute outage followed an hours-long outage that hit major metropolitan hubs around the world on November 18. Unlike the last outage, however, X, LinkedIn, and ChatGPT seemed unaffected in Friday’s outage.

This isn’t Cloudflare’s first — or second — rodeo

But this isn’t Cloudflare’s only other hiccup this year. Software engineer Noor Mohammad tracked this year’s major incidents, and there were actually more months this year with a Cloudflare issue than those without one.

Due to many major websites’ heavy reliance upon Cloudflare, any issues with the company’s operations can have widespread impacts. As Mohammad wrote, “When Cloudflare sneezes, the internet catches a cold.”

How to mitigate the impacts of outages

Since November’s outage, some companies have considered applying a multi-CDN strategy to reduce overdependence on a single content delivery network, should it malfunction as Cloudflare did. DDos specialists at Red Button wrote that for most businesses, this approach is not necessary and can actually give cyber attacks a larger target area to work with.

While MES Computing recommended a multi-CDN approach, it also encouraged companies to diversify the services they use for various operations. Relying on too many services from a single provider can worsen the severity of outages or attacks because its impacts would not be limited to a single service or department.

Cloudflare CTO reacts to Friday’s outage

Cloudflare CTO Dane Knecht took to X on Friday morning to announce that the company is aware of the outage. He further clarified that the incident was not the effects of an attack. Rather, the company was disabling logging following the disclosure of what The Hacker News called a “maximum-severity security flaw” in open-source JavaScript library React earlier this week, Knecht wrote.

“Sites should be back online now, but I understand the frustration this causes,” he added.

The company will discuss the matter further in a blog post later on Friday, according to Knecht.

Nasdaq hit cryptocurrency infrastructure company Alt5 Sigma (NASDAQ:ALTS) with its second non-compliance notice this week, the company announced via Form 8-K on Wednesday.

The notification came after Alt5 Sigma Audit Committee Chair David Danziger resigned on November 25. Nasdaq Listing Rule 5605(c) requires a minimum of three independent, sufficiently experienced members to serve on a company’s audit committee. Due to Danziger’s resignation, Alt5 Sigma now has two, John Bitar and Nael Hajjar. Danziger stepped into the role in July after former Audit Committee Chair Richard Butler died in June, according to The Globe and Mail.

Nasdaq clarified in its letter to Alt5 Sigma that the non-compliance notice would not immediately affect the company’s listing and ability to be traded via Nasdaq.

What happened before Wednesday

Wednesday’s notification is the latest in a months-long, whirlwind restructuring within the company’s upper ranks. Whether some of the following activities constitute breaches of federal and industry regulations is still to be determined.

• Sept. 4: An internal email announces Alt5 Sigma CEO Peter Tassiopoulos would be placed on temporary leave, effective the same day the communication was sent, according to Forbes.

• Oct. 22: Alt5 Sigma discloses the suspension of Tassiopoulos to the SEC, dated October 16. It is not yet determined whether Alt5 Sigma violated SEC rules, which typically require the conclusion of an executive officer’s tenure to be reported within four business days.

• Nov. 21: Alt5 Sigma ousts CFO and acting CEO Jonathan Hugh and COO Ron Pitters, hires Steven Plumb as CFO, and promotes President Tony Isaac to acting CEO.

• Nov. 25: Danziger resigns from the Board of Directors.

• Dec. 2: Alt5 Sigma announces its first notification of non-compliance with Nasdaq’s Listing Rules after the company missed its 10-Q filing deadline for the fiscal period ended September 27. The company expected this notification, as it filed Form 12b-25, or Notification of Late Filing, on November 12 — 46 days after the period ended. Investopedia notes this form is generally a sign a company may be struggling with finances or operations.

About Alt5 Sigma

Alt5 Sigma is a cryptocurrency trade platform developer founded in 2018. In August, the company partnered with World Liberty Financial, Inc., ushering in CEO and co-founder Zach Witkoff, co-founder Eric Trump, and COO and co-founder Zak Folkman as directors and observers on the Alt5 Sigma Board of Directors.

During the $1.5 billion WLFI deal, the stock price jumped, remaining between $5.48 and $8.97 all month until it began to fall in September. As of Wednesday, Alt5 Sigma’s share price sits at $1.64, down over 60% from $4.49 three months ago on September 3.

Upcoming deadlines

Under Nasdaq rules, Alt5 Sigma is entitled to a time period to regain compliance following the December 2 and 3 notifications.

• Jan. 20, 2026: Alt5 Sigma’s deadline to submit a plan to Nasdaq to reach compliance on the 10-Q filing.

• May 18, 2026: Alt5 Sigma’s potential deadline to file the 10-Q, should Nasdaq agree with the company’s compliance plan.

• Nov. 25, 2026: Alt5 Sigma’s tentative deadline to fill Danziger’s spot on the Audit Committee. The deadline could also be the date of the company’s annual stakeholder meeting — whichever between the two comes first.

On Monday, the Federal Trade Commission filed its annual report on elder fraud to the House and Senate Judiciary Committees.

This year’s report compiles information from 2024 and defines “older adults” as those aged 60 years and older.

Standout stats

• From 2020 to 2024, older Americans’ total losses as a result of scams quadrupled from $600 million to $2.4 billion.

• Median individual monetary loss increases drastically at age 60, compared to median losses by adults aged 59 years and under. Adults in their 60s, 70s, and 80s and up lose a median of $691, $1,000, and $1,650 per loss, respectively.

• Median individual loss for those aged 60 years and older is $900 in 2024, compared to $650 in 2023 — the highest one-year jump by percentage (38%) among all age groups.

Are there more scams happening?

Yes, according to the Pew Research Center. Despite the increased perception of older adults falling for scams, they actually affect Americans across various age, racial, and socioeconomic demographics, the Pew report shows. Notably, the FTC found that older adults are much more likely to fall victim to tech support scams, as well as scams involving some form of prize, sweepstakes, or lottery, compared to their younger counterparts.

Understanding modern scams

With the rollout of highly realistic AI-generated video by OpenAI’s Sora 2 and more recently, Google’s Nano Banana Pro, it is becoming increasingly easier for scammers to target victims, especially those who may not be technology or AI-savvy. While voice changers are not new, perpetrators could at least be foiled with a request for an image or video to verify the identity of the person on the other end of a phone call or text exchange. This is no longer the case, requiring consumers to stay sharper and look out for vulnerable loved ones.

Scam protection resources

1. Create a family code word or phrase. Much like a password for a device, this should be difficult for others to guess yet easy enough for all members of the family to memorize. Quickly confirming the family code word in suspicious communications — such as someone posing as a relative urgently requesting funds — can save you money, privacy, and time.

2. Be wary of digital communications and web browser pop-ups, especially those that purport to be an authority, such as your bank or the government. Sometimes, such communications will have telltale signs of fraudulent activity, including typos, grammatical errors, and mismatches between the email address and the sender’s name.

3. Report scams to the FTC. They collaborate with the FBI in some cases and may be able to intervene.

   For example, the FTC report mentions one victim who fell for a spoofed email purporting to be from an antivirus company. The scam perpetrators were then able to access the victim’s credentials and began a wire transfer. That was, until the victim contacted the FTC, who worked with the FBI to contact the receiving bank in time to freeze the transfer.

“The FTC is doing everything possible to protect older adults and shut down illegal scams,” Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said in a press release.

As of Monday, Warren Buffett is entering the final month of his historic tenure as CEO of Berkshire Hathaway, a role he has held since 1970. For young people, hearing investors and stockbrokers drool over Buffett and his portfolio can feel like walking into the room in the middle of a conversation. Let’s catch you up so you can join the conversation.

Definitions

• Warren Buffett: The “Oracle of Omaha,” who became the chairman and CEO of Berkshire Hathaway after he bought enough shares of the company to let him take it over. Multiple outlets, including Investopedia and U.S. News & World Report, consider him one of the best investors of all time.

• Berkshire Hathaway: A former failing textile company now serving as Buffett’s investing vehicle that owns a lot of stuff. Would you have ever thought that Fruit of the Loom, Helzberg Diamonds, and Benjamin Moore were run by the same company?

Big numbers

• Net worth: $151.9 billion (as of November 2025), making him the tenth richest person in the world, per Forbes.

• Investment returns: 5,502,284% since 1965, according to CNBC. For context, the S&P 500 saw a 39,054% return rate in the same period of time.

• Largest acquisition: A $37.2 billion purchase of metal fabrication company Precision Castparts in 2016. Buffett would later reflect on this negatively, due to an “ugly $11 billion write-down” he made after the company’s book value dipped. Earlier this year, the company’s value rebounded by $2 billion, according to Benzinga.

The man himself

Part of what draws people to pay attention to Buffett beyond his impressive investment record is his humility. He speaks to members of the press regularly, has lived in the same Omaha, Nebraska, home since 1958, and gabs about his loved ones extensively in his annual Thanksgiving letters. Alongside fellow billionaires Bill and Melinda French Gates, he also founded the Giving Pledge, a program that encourages the ultra wealthy to give away their fortunes to philanthropic causes. Earlier this year, Buffett made a $6 billion donation to several charities, his largest contribution since he first started chipping away at his fortune in 2006, per CNN.

What’s next

After Buffett’s retirement at the end of the year, current vice chairman Greg Abel will be taking over as CEO while Buffett stays on as chairman. We’ll still be hearing from Buffett — though presumably way less often after this year. The billionaire investor, who writes an annual Thanksgiving letter to shareholders, said in this year’s edition that he would be “going quiet” but still continuing his Thanksgiving tradition.

His investment legacy

As an investor, Buffett is most well known for his strategy of targeting small, undervalued stocks, rather than large, established ones, also known as value investing. This method allows for larger margins of growth over time. He also touts the buy-and-hold strategy. You may have heard your parents say that investing is about time in the market, not timing the market. For young folks, the best thing you can do is start investing early, according to Buffett. He bought his first stock at age 11.

“The stock market is a device for transferring money from the impatient to the patient,” he told Fortune.

Aflac Incorporated’s (NYSE: AFL) stock momentarily dipped by 1.4 points at the market’s opening on Friday after the company announced in a pre-market press release that it discovered “suspicious activity” on its U.S. platforms on June 12.

While it is yet to be determined how many accounts have been compromised, Aflac disclosed that the information potentially at risk includes social security numbers, clients’ health details and insurance claims.

The company believes the cyberattack was subdued in a matter of hours, and an investigation is under way. In a statement to Business News Unraveled, Aflac wrote it is too early in the process for the company to predict how long the investigation will take.

The company further attributed its swift response to its cybersecurity system and explained that no malware or ransomware was leaked into Aflac’s networks, allowing the company to continue its regular operations on Friday.

Aflac additionally mentioned that the attack was executed by a “sophisticated cybercrime group” that sought to target the insurance industry.

“This attack was perpetrated by a highly sophisticated and well-known group that has the insurance industry under siege,” Aflac wrote to Business News Unraveled.

Days ahead of the attack, Google’s Threat Intelligence Group warned insurance companies to remain vigilant, as one group called Scattered Spider, or UNC3944, had been targeting several sectors in the U.S. and U.K., Newsweek reported. While the article and Aflac’s press release both referenced social engineering schemes as the perpetrators’ gateway to entry, it is not determined if this group was responsible for the attack on Aflac.

Through the duration of the investigation, Aflac is offering clients who dial its call center access to free credit monitoring, identity theft protection and services with Medical Shield for 24 months.

“We did not want to wait to inform our customers because we wanted them to access as soon as possible … the resources we are offering for protection,” Aflac wrote to Business News Unraveled. “This is why we did this voluntary disclosure.”

The company filed this incident with the Securities and Exchange Commission through Item 8.01, an all-encompassing form for disclosures to the SEC. This choice falls in line with a 2023 recommendation that companies cite cybersecurity incidents with an undetermined material impact under Item 8.01, instead of the cybersecurity disclosure Item 1.05.

As of 11:55 a.m., Aflac’s stock rebounded to its highest value since June 6 at $103.58.