Ed Ludlow

And I'm interested, what's the standout for you?

Because we are unfolding who's behind the money, what's behind the attitude to go hostile.

Take us there first.

I guess the part that stands out to me is that David Ellison is coming back and going hostile with the same bid that was just rejected by the board rather than sweetening the offer.

Paramount Skydance has now made six different attempts at buying Warner Brothers Discovery.

They've been rejected every single time.

But they are adamant and have been for days now that their offer is better than Netflix's, that the board is not factoring in certain things.

They're confused by the valuation on the cable networks, for example, which would be spun off in the Netflix scenario.

And so they're not going down without a fight.

But I still think that they will end up probably having to raise the offer.

Lucas, over the weekend, you reported in detail a meeting that took place between Netflix co-CEO Ted Sarandos and the president of the United States.

Then the president Sunday night said, and this is before the Paramount Skydance bid came in, that from an antitrust or market share perspective, this has got to be looked at.

Would the same not apply to Paramount Skydance?

It would.

It just is a different type of market, I guess.

Right.

So the president's comments, I thought, were notable because he had not spoken out against the Netflix bid at all, despite the fact that the paramount people were convinced that Trump was going to try to block it and was against it.

And I would say his comments were sort of balanced.

On the one hand, he praised Netflix and praised Ted Sarandos.

But he did say,