Rohan Goswami

That's a milestone for them.

But, look, there's an overhang on this stock.

And as you and I have talked about, Netflix is down, I think, 3%.

30% or 40% since rumors first started circling about their interest in Warner Brothers for a simple reason.

They are great builders.

They are unproven buyers.

They've never done a big deal like this before.

And their investors, who have counted on them for steady, reliable earnings growth, are kind of in a wait-and-see mode.

So the call is going on right now.

Ted Sarandos and his co-CEO are expected to sort of preview and give us a little bit more information on their thinking around this.

But it also comes as they've made a

they've doubled down on their warner brothers bid right you know they've this morning announced what we've all known was coming they've flipped all cash uh warner's board has approved it we got a lengthy 500 page proxy statement today which you know i spent my entire lunch hour reading um and and and look there's there's no doubt these guys right now are telling the world they're in it they're in it to win it and they could give a damn about the ellison's

In terms of the actual bid, that's it.

That's the only new thing.

It lets us have a cleaner, although not perfect, apples-to-apples comparison between Paramount and Netflix's bid.

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.