Scott Galloway

This is a company that's gone from a low of seven bucks a share to 31 with no change.

Arguably, the business has gotten worse over that period.

So he put on a masterclass and his bankers and how to get testosterone involved and competitive dynamics.

And literally every possible cent on the table has gone to Warner Brothers Discovery shareholders.

So they're the biggest winners.

A close second in terms of winners,

is Netflix shareholders.

Because what this shows, or Ted Serrano specifically, what this shows is Ted is a disciplined operator.

He can put out a press release saying, we have an obligation to shareholders.

At some point, no deal makes sense.

He was able to show he could do a deal.

He handled it well.

I think he acquitted himself well.

and they're doing what good operators do.

And that is they walk away when no longer, every deal makes sense at some price and no deal makes any sense at a certain price.

So him walking away from this deal, they save, I think the total consideration was approximately $120 billion.

And then, and we predicted this, the stock is up 10% Netflix on the news.

So with a $350 billion valuation, they got $36 billion for walking away and increased market cap.

They're gonna get another two and a half billion in cash for the breakup fee.

So if you look at the total consideration of say 120 billion plus the kind of 40 billion free gift with purchase in terms of stock appreciation,