Geetha Ranganathan

You know, they can possibly sell CNN.

So they think they can extract a lot of value, which is why we think that Paramount might need to go up to about $34 to fully kind of get on board.

Yeah, what really investors need to hear is, first of all, I think everybody's looking for really good 4Q numbers.

And that should, I think that should absolutely, Netflix would absolutely deliver on that.

But I think the major thing that investors are going to focus on, Ed, is going to be guidance for 2026.

The magic number that ConsenSys is looking at is 13% revenue growth.

Should Netflix guide to anything lower than that?

I think they are going to be in trouble.

I hope the focus really turns, and this is a distraction from this whole drama that we've seen.

But fundamentals-wise, you're absolutely right.

The company has never been in a stronger situation.

We think they will absolutely deliver on their revenue growth expectations of about 17%.

Strong operating margin, strong free cash flow.

They're expecting about $9 billion for the full year.

The $30 per share bid, I mean, the reason why Paramount is really standing by its offer is because of this whole controversy around what the stub value of the global networks business is, the TV networks business.

Yes.

So from a financing standpoint, obviously Netflix right now has about 0.4 times of a net leverage ratio, which is way below media peers like Disney or Comcast, for instance.

But again, this is a company that has an absolutely robust balance sheet.

And as my credit colleague, Steve Flynn, constantly says, I mean, this is a company that throws out billions and billions in free cash flow.

So absolutely no problem.