Dan Caplinger

That happened way back in 2010.

It was before Warner Brothers was even involved.

And it's interesting, that content that you find under the Discovery Communications platform.

Yeah, a lot of people are looking at CNN, the news networks, and basically saying, yeah, this stuff is worthless.

It's no surprise that Netflix doesn't want it.

But there's a lot of fan favorite content out there, whether you're a foodie, you've got Food Network, you've got HGTV for homeowners.

I'm a big fan of the show Gold Rush on the Discovery Network.

All kinds of stuff is out there.

It's kind of an unpopular opinion, but I think those cable properties actually do have value.

And that's one of the benefits of the Netflix offer is that

If you're a Warner Brothers Discovery shareholder, you're going to get a lot of cash, you're going to get some Netflix shares, but you also get this kind of Discovery Communications, Discovery Cable, I can't remember exactly what they're calling it, but you get this shell of the cable business that a lot of people think is worthless.

I'm not convinced.

It's going to have a lot of debt, that's for sure.

But I'm not convinced that it doesn't have value in the long run.

Well, maybe the most obvious one is, for superstitious folks, is the Warner name just cursed in mergers and acquisitions?

You named a couple of examples there.

I think it's too early to tell, in this case,

Largely because it's not entirely clear what Netflix's goals are.

I don't think it's a warning sign that Netflix hasn't telegraphed too much about what it plans to do with Warner Brothers if it successfully acquires it before antitrust scrutiny really runs its course, because you don't want to lock into a business model and then have regulators pin you down on that and say, well, that's not going to work.

I think you want to keep things flexible at this point.