Lauren Hirsch

And it came to the conclusion that Netflix's offer, which was only for part of Warner Brothers' discovery, its streaming and studio business, was better for its shareholders than the offer that Paramount put on the table.

Now Paramount doesn't agree with that.

Right.

They don't agree with that so much.

Yeah.

Sure.

So the way the hostile bid works is a bidder says, your board isn't all that good.

They aren't doing well by you.

We're going to go directly to the shareholders and we're going to give you $30 for each share in cash.

Wouldn't you rather do that than sell to Netflix?

And the reason why hostile bids often don't work and we hear a lot less about them these days is because companies have a number of mechanisms that they can use to protect themselves.

That being said, hostile bids can be successful, but they're not fun.

You have a company out there screaming how terrible your board is.

Nuclear option.

And, you know, one of the most famous hostile bids that was successful was actually done by David Ellison's father, Larry Ellison, in his acquisition of PeopleSoft.

So they can work.

And I will tell you in my conversations today, I'm not getting the sense that Paramount is going to be timid about its pursuit.

Yes.

I do.

So if you look at just share of streaming, Netflix is already a giant.