Felix Gillette

I think what they said is that with Warner Brothers' discovery, once they looked under the hood a little bit, they really liked what they saw.

And that's when they decided to move forward aggressively.

Yeah, I mean, so Netflix came back yesterday.

They amended their offer slightly.

It's now an all-cash offer before it was cash and stock.

And so, yeah, they're moving forward.

They'll put it in front of Warner Brothers Discovery investors sometime in the spring before the annual meeting.

At the same time, Paramount hasn't completely gone away.

You have David Ellison still breathing down the neck with this tender offer, still trying to keep them in play.

I think Paramount, everyone's waiting to see if they'll raise their offer.

In the meantime, Paramount seems to be saying, oh, well, Netflix is going to have all these regulatory issues.

To your point, that's why Netflix has had this talking point about, oh, we don't just compete with other streamers.

We compete with all these tech companies and social media, all these other broader competition field.

So that's been one of their big talking points.

And also, of course, that they believe suddenly in theatrical releases of movies and that they'll plan to continue to put Warner Brothers Discovery movies in theaters for the 45-day window as they are now.