Warner Bros Discovery to sell studios and streaming arm to Netflix in a 72 billion dollar shake up

South Africa

The JSE closed the week firmer, with the Top 40 index rising 1.57% to 104,797.39 points and the All Share index up 1.40% at 112,479.92 points. South Africa’s net foreign reserves increased to $70.0 billion in November, alongside a rise in gross reserves to $72.1 billion. Economists argued that Moody’s decision to maintain its Ba2 rating and stable outlook overlooked emerging improvements in the domestic economy. At a YES event in Johannesburg, President Cyril Ramaphosa praised private-sector participation in youth employment initiatives, emphasising the vital role businesses play in developing a more skilled and productive workforce.

Europe

European equities were broadly steady on Friday, with the STOXX 600 closing flat at 578.77 points, though the index still gained 0.4% for the week. A long-awaited U.S. inflation print reinforced expectations of a Federal Reserve rate cut next week, supporting sentiment. Germany’s DAX advanced 0.7% after Chancellor Friedrich Merz secured parliamentary backing for a key pensions bill, easing political risk. Autos and parts led sector performance, rising 5.6% for the week amid proposed U.S. changes to fuel economy rules. Citigroup set a 2026 STOXX 600 target of 640, upgrading autos, industrials, chemicals and basic resources on improving fiscal tailwinds.

United States

U.S. equities ended the week with modest gains as delayed economic data continued to support expectations of a Federal Reserve rate cut, with markets pricing an 87.2% probability of a 25 bp move. Consumer spending rose 0.3% in September, in line with forecasts, while the PCE Price Index increased 0.3% month-on-month and 2.8% year-on-year, reinforcing a gradual cooling trend. Consumer sentiment improved to 53.3. Investors also absorbed data delays caused by the government shutdown. Warner Bros Discovery jumped 6.3% after Netflix agreed to acquire its studio and streaming assets for $72 billion, boosting media sector sentiment.

Asia

Asia-Pacific trading opened mixed on Monday as investors awaited key Chinese trade data. Economists expect November exports to rise 3.8% year-on-year, reversing October’s contraction, with imports forecast to grow 3%. Japan revised its third-quarter GDP sharply lower, reporting a 2.3% annualised decline, worse than initial estimates. Markets also looked ahead to the Reserve Bank of Australia’s policy decision, with consensus expecting the cash rate to remain unchanged at 3.60% through 2026. In corporate news, GPU maker Moore Threads fell more than 5% after a volatile debut, having surged over 400% following its $1.1 billion Shanghai listing.

Commodities

Oil prices held near two-week highs on Monday as expectations of a U.S. Federal Reserve rate cut bolstered the outlook for economic activity and energy demand. Geopolitical risks remained elevated, with slow progress in Ukraine peace talks, potential G7–EU moves toward a maritime services ban on Russian oil, and rising U.S. pressure on Venezuela, all posing supply threats. Chinese independent refiners increased purchases of sanctioned Iranian crude, helping ease local gluts. Gold edged higher, supported by a softer U.S. dollar as confidence grew that the Fed will cut interest rates at this week’s policy meeting.

Currencies

The rand held steady on Friday, consolidating its break below 17.00/USD ahead of Moody’s rating review. The U.S. dollar paused its two-week slide on Monday as markets prepared for a packed week of central bank decisions, led by the U.S. Federal Reserve, where a rate cut is widely expected despite divisions within the committee. Policy meetings in Australia, Brazil, Canada and Switzerland are also scheduled, though no major moves are anticipated outside the Fed. The Australian dollar hovered near $0.6640, supported by strong domestic data ahead of Tuesday’s RBA meeting, with futures suggesting the next rate move could be an increase as early as May.

Vodacom Group Limited (VOD) +1.23%

Vodacom has provided an update on the fairness opinion relating to its proposed US$2.1 billion acquisition of a further 20% interest in Safaricom. As the transaction constitutes a small related-party deal under JSE Listings Requirements, it is subject to an independent fairness assessment by Deloitte. The JSE has now reviewed and approved this opinion, confirming compliance with regulatory requirements. The document is available for inspection at Vodacom’s registered office for 28 days. The acquisition values Safaricom shares at KES34 and forms part of Vodacom’s broader strategic expansion in East Africa.

Marshall Monteagle PLC (MMP) 0.00%

Marshall Monteagle expects a strong interim performance for the six months to 30 September 2025, with headline earnings per share projected to rise to 22.6 US cents from 6.2 US cents a year earlier. Basic earnings per share are similarly expected to increase to 22.7 US cents, reflecting substantial fair value gains and realised profits from the group’s equity portfolio, supported by favourable currency movements. The trading statement, issued under JSE requirements, precedes the release of interim results scheduled for around 15 December 2025. The financial information has not been reviewed by auditors.

Stor-Age Property REIT Limited (SSS) -2.87%

Stor-Age has successfully completed a R500 million accelerated bookbuild, which was three times oversubscribed, issuing 27.9 million new shares at R17.90 each — a 0.7% discount to the 30-day VWAP. Post-raise, the company will have 511.2 million shares in issue, with marginally improved NAV and NTAV per share and minimal earnings dilution. Proceeds will support Stor-Age’s 2030 Property Strategy, including acquisitions, developments and general corporate purposes. A portion will fund the R95 million purchase of properties in KwaZulu-Natal. Subject to JSE approval, trading in the new shares will commence on 10 December 2025.

Schroder European Real Estate Investment Trust PLC (SCD) +0.14%

SEREIT reported resilient full-year results to 30 September 2025, supported by strong rent collection, high occupancy and a robust balance sheet. Underlying EPRA earnings were €7.3 million, with dividends of 5.92 euro cps providing an 8.2% yield. NAV declined to €156.7 million due to revaluation losses, though buybacks contributed to a +2% NAV total return. Portfolio values fell 1.4%, with industrial strength offsetting weakness elsewhere. The Apeldoorn lease risk remains a key focus, while new leases and re-gears strengthened contracted income and lifted occupancy to 97%.

Aveng Limited (AEG) +2.71%

Aveng provided a strategic update confirming it will retain ownership of McConnell Dowell after exploring separation options, with the business continuing to prioritise operational improvements and sustainable profitability. McConnell Dowell has already secured more than A$1.2 billion in new work this year and is the preferred bidder on a further A$1.2 billion. Negotiations for the sale of Moolmans remain ongoing, supported by detailed due diligence, and Pieter van Greunen has been appointed managing director, bringing over 35 years of mining experience. Aveng expects to release reviewed interim results for the six months to 31 December 2025 around 24 February 2026.

Warner Bros Discovery Inc. (WBD) +6.28%

Warner Bros Discovery has agreed to sell its studio and streaming assets to Netflix for $72 billion, marking a landmark transaction that will significantly reshape the media landscape. The sale follows an intense bidding process and reflects accelerating structural shifts across the industry as competition rises and traditional linear television continues to decline. Despite owning leading franchises such as Harry Potter, Wonder Woman and Batman, group revenue fell 5% in FY2024 to $39.32 billion, with studio revenue also down 5%. Its streaming platforms—HBO Max and discovery+—remain a growth engine, adding 2.3 million subscribers in Q3 and reaching 128 million globally. The division delivered 16% revenue growth as demand for premium content and ad-supported tiers continued to strengthen.

X Corporation (Private)

The EU has imposed a €120 million fine on X for breaching the Digital Services Act, marking the first sanction under the landmark framework aimed at tightening oversight of online platforms. Regulators cited deceptive verification design, insufficient advertising transparency and restricted researcher access to public data as key violations following a two-year investigation. Elon Musk dismissed the ruling, fuelling renewed transatlantic tensions as U.S. officials criticised the EU for allegedly targeting American firms. Brussels rejected these claims, emphasising that the legislation protects digital and democratic standards rather than specific national interests. X now has up to 90 working days to implement corrective measures, while broader probes into illegal content, information manipulation and TikTok’s platform design remain ongoing.

National Storage REIT (NSR) +0.74%

National Storage REIT has agreed to a A$4 billion takeover by a Brookfield- and GIC-backed consortium, marking the largest ever take-private of an Australian real estate firm. The A$2.86-per-share cash offer represents a 26.5% premium to the 25 November closing price and follows the completion of due diligence and the signing of a binding deed. Shares surged to a record A$2.81, making NSR one of the ASX 200’s top performers on the day. Established in 1995, the group operates over 270 self-storage facilities across Australia and New Zealand. The board has unanimously recommended the transaction, which stands out in an otherwise subdued M&A environment, with completion expected in the second quarter of 2026, subject to approvals.

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