David Gurra

I mean, there's been kind of a progression with these talks where back when the first bidding war was happening, you had Warner Brothers reviewing offers from Comcast and Netflix and Paramount.

It was very quiet, right?

People didn't say a lot because everyone thought they were in it.

Then Warner Brothers picked...

Netflix, and it got really loud.

Paramount accusing Warner Brothers of doing things that weren't right.

Netflix and Warner Brothers often firing back.

And now it's gone quiet again, which to me is clearly a sign that the board is seriously reviewing the Paramount offer.

If Paramount has increased it by a dollar to a share, which we assume they have, it seems hard to believe that they would outright reject it as they have the recent ones, which means that they would have to go to Netflix and sort of say, what do you got for me?

Well, exactly, and we'll get a drip feed of what it is exactly that they've got.

But if it is markedly better, do we expect Netflix to respond in kind?

You know, it's a tough question to answer.

Netflix has communicated to some of its shareholders, I've heard from people at Netflix, that they feel they have the balance sheet to go up, right?

We're talking about a growing business with a really significant market cap, even if the stock's taken a little bit of a beating during these negotiations.

So relative to Paramount and even relative to the Ellison family, Netflix should have the money to go there.

It's a question of whether they want to.

Their stock is down.

I've lost track at this point.

It's more than 30% since these negotiations started.

And they may decide that there's a number that is too high for them.