Laura Martin

Right.

So I think what Wall Street likes is the fact that this company is subscale and it looks like they're more likely to win the bid for Warner Brothers, which would then not make them subscale because they would be like a third of total linear channels.

They have owned two of the largest film studios.

And really their revenue is up 2%.

They had a lot of positive comments about UFC, which was their...

top-rated streaming channel, and streaming revenue was up 17% at Paramount Plus in the fourth quarter.

And it should, so, I mean, all of those numbers fundamentally were better.

At least this business is growing.

Warner Brothers is shrinking, but Paramount, Peace Sky is growing still.

Okay, so if they don't win, if Netflix wins instead, they're an $11 billion market cap company and their primary competitors will be Netflix, which if it buys Warner will be a $500 billion market cap, and Amazon and Google, which are $3 trillion round numbers.

so it's competitive because it will be more subscale than it is today if it wins warner brothers it suddenly combines and cut costs from several of the largest streaming companies several of the largest it will be 30 percent of total linear tv ownership and it will combine it will have two of the biggest studios so there's a lot of cost cutting in that and it will not be near a subscale round numbers it will be around the same size as disney and netflix if it wins warner so

It basically makes it a legitimate competitor to those other streaming companies.

So good question, because price is the thing you're not asking.

But strategically, it must have Warner Brothers Discovery.

But of course, you know, we do stocks and we do valuations and they're paying an awful premium for a shrinking business.

As you saw, like every single business segment, everything advertising was down.

you know, a lot at Peaceguys.

So some of their businesses at Warner Brothers are shrinking, or a lot of them are shrinking, actually.

So, I mean, they're buying a business that's weakening fundamentally every single quarter, and they're paying Peaceguys, bidding higher and higher values, which implies they're not going to get a good price on this asset because of the bidding war.

I mean, Laura, you're all about the fundamentals, but...