Jennifer Lee

And they might believe there's a problem here, but they have to go to court and then they have to convince a judge that there's a problem here.

And maybe a judge would see it differently.

But when you compare it, obviously, on the face of it, the Paramount offer definitely looks superior because it is a $30 bid.

It is an all-cash bid.

But the two offers are actually so very different.

Paramount, of course, promising regulatory certainty, a much speedier path to approval.

But again, a lot of this is still TBD.

And we have to kind of wait and watch and see Paramount kind of removing a lot of what they thought would potentially spark regulatory problems, you know, removing the or with the Saudi money kind of getting rid of the governance issues so as to not trigger a CFIUS jurisdiction.

But again, I don't know whether shareholders necessarily view this as a superior deal.

Because on the face of it, the Netflix bid actually offers superior value for all of Warner Brothers Discovery.

So you have the studio and streaming unit valued at about $28 a share, according to the Netflix bid.

And then if you just kind of look at where other cable networks are trading, because you will be left with a cable network stub business, which is called Discovery Global, we think, and I think the street also thinks, that that should be worth about $3.50 to $4 a share.