Pablo Torre

They had offered you five times.

Let me say it more stridently.

Pablo, stop it.

I would not.

I would not.

I wouldn't.

Can I...

Quote, okay, I want to quote the open letter that the CEO of Paramount, David Ellison, son of Larry Ellison, wrote.

This was on Monday to WBD shareholders.

Quote, WBD has failed to include any disclosure about how it valued the global network stub equity, how it valued the overall Netflix transaction, how the purchase price reduction for debt works in the Netflix transaction, or even what the basis is for its risk adjustment of our $30 per share all cash offer.

So that is what the Ellisons are saying, which speaks to the question actually of like, so how much is any of this being evaluated at in real dollars?

David, if you could explain the strategy there.

Right.

But what's happening now, as we alluded to earlier, which is that Netflix is working on revised terms for his acquisition of WBD,

And now they're, yeah, they're discussing the all-cash offer for the studios, for the streaming businesses, reportedly.

That indicates that they acknowledge what specifically, that their offer is not as strong as Paramount's or that it's going to be a continued negotiation upwards, basically, and that none of this is actually done.

I like that David is negotiating about negotiating.

He is negotiating inside of an abstract conversation about negotiation.

And I get where, by the way, this is why I love this show, is because I actually have a follow-up question to all of this, because I now more clearly understand why John was a delight to do business with,

and also a nightmare to bid against, right?