Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer and David

Faber at Post-Nine of the New York Stock Exchange. Futures are stabilizing after three straight

declines for the S&P. A lot of pots boiling today, whether that's Waller in the search for a Fed chair.

Warner, Oracle, biggest IPO of the year.

Ten year 416, oils up a buck, silver 66.

Our roadmap begins with no deal.

Warner Brothers Discovery's board unanimously recommending shareholders reject the Paramount Skydance takeover offer.

The board chair telling David, quote, it was not a hard choice.

Plus, it is the biggest IPO of the year, the largest listing in the last four Medline is returning to the public markets.

What that means for the IPO pipeline, of course, as we head into a new year.

And we are also celebrating a big

anniversary right here for Squawk on the Street. They're telling me it's 20 years since our debut,

amazingly enough, right here at the New York Stock Exchange. All right, let's start off, of course,

with that news. We got 7 a.m. was that long-awaited filing long in the sense of at least,

it's been almost 10 days, from Warner Brothers Discovery. It's a so-called 14D9. But what it really is

is the explanation to its shareholders as to why it said no to Paramount's all cash, $30 a share offer for the company.

And yes, to the 2775 in largely cash, but also some stock to Netflix.

And remember the Netflix bid does not include the global networks business, which will trade on its own and will have some value.

Although, frankly, that is a subject of great debate. And conceivably is the difference in terms of the overall view of value of some.

But that was not the gating issue for the board of directors of Warner Brothers.

They were very much focused on what they felt was a lack of guarantee in the financing being proposed. Not on the debt financing, but on the equity financing,

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