Rohan Goswami

The interesting thing, there are some details that have come out in this proxy filing.

And as you know, when companies are trying to combine

They make their case to shareholders through a formal document called a proxy statement, right?

That lays out all the financial analysis that their bankers have done, the potential legal risks, and the most fun for reporters, a detailed lengthy background to the solicitation, which is a fancy way of basically saying the storyline of how these two companies came together.

Thankfully, a lot of the reporting out there was confirmed by this background of the solicitation, which is always good news for reporters.

The big thing that we finally, as reporters, as investors, got a look at was how Warner Brothers has decided to value their spinoff business.

Now, remember, we've talked about this.

This is the business that they say is worth anywhere from $3 to $5 a share, which Paramount says is worth a buck generously, and which Netflix has said, we don't want anything to do with that.

Don't give it to us.

We don't want to touch it, spin it off.

We don't care.

So we finally got a valuation for that business underpinned and justified by some financial analysis that Allen & Company and other bankers have done.

That was really the big thing out of this.

It's the uncertainty, right?

This is what the executives and bankers call execution risk, right?

The ability for a company to actually do something with the assets they're picking up.

And M&A is littered.

Generally, most big M&A doesn't work.

Keep in mind, Warner Brothers Discovery itself is a child of two and a half decades of crappy M&A, going back to AOL Time Warner, which was the worst deal of all time by any account.

right?