David Faber

What this will have the effect of doing essentially is making the shareholder vote on the Netflix transaction the key, where shareholders will be making their voices heard conceivably according to Paramount.

And the fact that throughout in this press release, they feel as though they were not given the attention they deserved,

and were not treated on equal footing to Netflix.

And hence, in bringing a tender offer of this type to shareholders, they are going to share everything with those shareholders of Warner Brothers in the hopes, of course, that they will put pressure on the company in some way and or at least indicate that they're unwilling to vote in favor of the current transaction with Netflix.

As these things go, when you file a tender offer, you are then put the company you filed against in the position of having to file a D9, which requires them to come out with all the reasons why they decided what they did.

And so we're going to get a lot more explication, let's say, around the process itself.