Michael Barbaro

Why?

And of course, one of those parts is HBO, the gold standard of television.

Yes.

Lauren, I think this is where you come into the conversation because the realization that Warner Brothers Discovery is going to be broken up, potentially sold, brings in our second protagonist in this story, which is Paramount.

So just give us the quick backstory of Paramount's place in this showdown.

Really rich family.

And we should just say that was a very small brand eating a very huge brand.

Right.

The undisputed leader of streaming is Netflix with about 300 million.

I think Paramount Plus is at about 80 million subscribers.

So, so many fewer.

Great summary.

And that, of course, brings us to Nicole Netflix, which clearly understands that Warner Brothers is kind of in trouble, maybe up for sale, and that Paramount has its eyes on it.

And Lauren, why is it that amid all these offers, it's Netflix offer that Warner Brothers accepts, not Paramount's?

that they're making a hostile bid for Warner Brothers Studios, which is not all that normal in this generation of business.

And I want you to just quickly explain how a hostile takeover works and if it's ever seen as a good idea.

Kind of a nuclear option.

This is the moment where I have to say that my favorite hostile takeover of all, and Kyle, I hope you appreciate this, is Gordon Gekko's takeover of Teldar paper.

Greed is good.

There are producers on our team who want to make sure I have explained properly that Gordon Gekko is a character from Wall Street, the movie.