Toby

And that is a big difference between the two bids currently that is facing Warner Bros.

Discovery.

One, David Ellison's is freaking top.

Paramounts is for the entire package.

It's for all of their entertainment assets, but also all of their cable assets.

Netflix just wants their entertainment and streaming assets.

They don't want their cable assets.

So the difference between those two bids when it comes to the monetary value of them could come down to how much are those cable assets worth.

We now have a proxy for what those cable assets are worth.

And Versant has not done very well on the public markets so far.

It's

kind of stumbled in its first trading days out there.

It's fallen 20%.

So if shareholders believe the cable networks are worth less than they maybe should tender the offer to Paramount, if they believe the cable networks are worth more, then they should stick with the Netflix deal.

All right, we're going to take a quick break and come back with Toby's Trends.

I even made one to respond to all your emails and texts.

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