Oliver Darcy

And I think that's a pretty standard thing in journalism for a good reason.

Well, it's not good for them.

Warner Brothers, again, rejected their offer to purchase the company.

I think this was widely expected.

David Ellison, who heads Paramount, has said that the offer on the table wasn't even the best and final.

So I think that obviously they were going to reject this.

And probably we're going to have to see what David Ellison does.

I assume they're going to increase their offer in that bid.

and see if they can get it.

They really want Warner Brother Discovery, Don, and this is somewhat existential for them.

They purchased Paramount with the idea that they would then purchase Warner Brother Discovery and then combine those two companies so they would have the scale to compete against Netflix, to compete against Disney, which are much bigger than they are.

If they don't actually get these assets, I think they're in somewhat trouble because Paramount alone doesn't have the content library to compete against these much bigger companies.

Netflix, yes.

Netflix has struck a deal to purchase the Warner Brothers Discovery film library and the HBO Max streamer.

And as a part of that deal, then the other assets that Warner Brothers Discovery owns, the cable assets in particular, which includes CNN, those would be spun off into a separate company that would...

run entirely separately.

But, you know, Don, the future of CNN is at stake here.

And I think that's actually... It's interesting because CNN as a business doesn't... You know, it's a small...

player in this whole thing.

It makes a lot of money for a news organization, but it's not what's making a lot of money for these companies.