Caroline Hyde

Paramount is valuing those cable networks at about $1 a share.

By that valuation, their bid is superior to Netflix.

Warner Brothers Discovery is valuing it at $3.

or $4 a share, and by that metric, Netflix is superior.

That's why I think it feels almost inevitable that Paramount, if it really wants it, will have to come over the top and just add, let's say, $3 to its bid, but we're not there yet.

Bloomberg's Lucas Shaw, thank you very much.

President Trump first raised antitrust concerns over Netflix's market share if the deal goes through.

Now, Senator Elizabeth Warren also weighing in on Paramount's bid, saying that merger would be, quote, a five alarm antitrust fire.

Let's break it all down with Jennifer Huddleston, senior tech fellow at the Cato Institute, whose work covers antitrust.

A deal, a proposed deal of this scale and size and value is inevitably going to be looked at by regulators and reviewed in part because we have a set of codified guidelines and rules from 2023 that allow for that to be the case.

When regulators do look at it, Jennifer, what is the top consideration about this market that they'll be making?

Jennifer, will any of the regulators involved look at what the benefit is to the consumer in either merger or deal going through?

The Cato Institute is so interesting because it's a libertarian think tank and it's really thinking about individual liberty, about limited government, free markets.

You come at it from that angle.

But Jennifer, give us your global perspective here a bit, because this doesn't just get sign off from the United States.

We go worldwide.

We're just seeing what the EU is doing again today, for example, with alphabet and competition within AI.

Are they going to hit roadblocks there as well?

It's interesting, Jennifer, that Netflix has tried to front run a lot of these concerns by putting out the statement that consumers will win from their perspective because already they're signed up to Netflix and HBO and more broadly they'll probably get more bang for the buck.

But they're also having to talk about how they're going to benefit content creation or indeed the industry of Hollywood writ large.