Lou Whiteman

Warner Bros.

Discovery's board has already decided what they think.

For the upstart acquirer to try to poison the well in Europe and try and just salt the fields, that's not going to help.

Going score search really only helps when you are the bully.

when you are the one that can dictate terms.

If you're an underdog, you can't overwhelm this opposition.

I don't see this going well.

I think this is only going to get uglier.

It's possible that what Paramount is trying to do will work and the deal will get blocked, but it is going to be a long time, I think, before the WBD board says, oh, you know what, never mind, Paramount is the right choice.

For one thing, higher bid is up for debate.

As you said, the Paramount bid is for the whole company.

The Netflix bid is the whole company minus the cable assets.

It comes down to what you might think those cable assets are worth, what is going to give a shareholder more value.

The other side of it, you never know in the back, just behind the scenes.

It could be relationships, it could be

golden parachutes.

There are.

It could simply be.

We've talked about this offline.

Paramount is a much smaller company than either of these.