Ed Ludlow

Bloomberg's Emily DeCrofeo.

It's a must read on the Bloomberg terminal.

Netflix to Netflix.

Check it out.

All right.

Let's bring in Laura Martin for more on this deal.

There is a lot more to discuss.

Laura's senior entertainment analyst at Needham & Co.

It's one of these situations where there's the Wall Street view on this deal, the structure of the deal, and then there's the, what does this mean for Hollywood?

And the reason I'm so excited to have you on the program is I think we could probably talk about both, but this is the first opportunity I've had to talk to you about two competing bids.

I set the stage for it on Netflix's offer, Cash and Stock, and Paramount's offer.

What is your position at this time, and what is your research into the competing bids?

Let me jump in real quick on the money side.

We will get to Hollywood, particularly technology, because Netflix's competency is the algorithm to an extent, and the library and the content.

But I just want to go back and back to basics of what you said, $12 with...

Warner Brothers Discovery.

You're not the first person to make this point, Laura, but just explain the basics to our audience, please.

People do feel that the value of what either entity ends up getting may not be at $27.75 for the studio streaming or $30 for the whole enchilada, as I keep saying.

I think there's a lot of value in that answer because the next question is, of course, about antitrust and what the combined entities would look like in either case.

You said you believe or you're more sanguine about Paramount Skydance combined with Warner Brothers Discovery.