Rohan Goswami

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?

So it's literally genetic with this company.

There's never been a good deal for this company.

Anyone who's bought this thing has almost immediately regretted it.

AT&T picked it up and immediately dumped it, right?

So it's not a good asset.