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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Single best idea, the

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Speaker 1: single best idea is if you book quality people, somehow

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Speaker 1: they dovetail with the news flow. To this day, I

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Speaker 1: do not understand how that happens. But if you plan

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Speaker 1: on doing a follow up on Netflix and you have

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Speaker 1: a guest with an incredibly difficult schedule and they say, yeah,

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Speaker 1: we can come into the vicinity at nine o'clock and

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Speaker 1: three minutes before they get on littlely they're sitting up

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Speaker 1: getting wired up into the studio, you come out with

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Speaker 1: a hostile takeover. This is paramount going for Netflix. Keith

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Speaker 1: Rogenothen of Bloomberg Intelligence owns the high Ground. We asked

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Speaker 1: her on the surprise of the moment.

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Speaker 2: Yeah, not surprised at all, Tom, I mean we knew

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Speaker 2: they were not going to go away easily. You know,

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Speaker 2: there was so much drama last week, even as we

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Speaker 2: knew that Netflix was kind of closing in on the

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Speaker 2: Warner Brothers deal. But just from you know, first take,

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Speaker 2: so basically even last week we know that as Netflix

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Speaker 2: kind of made its offer at just just a little

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Speaker 2: bit shy of twenty eight dollars to share for the studio,

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Speaker 2: Paramount had actually made the offer for a thirty dollars

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Speaker 2: cash bid for all of Warner Brothers Discovery. So the

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Speaker 2: thing is, when you kind of compare the two offers here,

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Speaker 2: the Netflix offer is still superior because it's only for

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Speaker 2: part of the company, the remaining part of the company,

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Speaker 2: which is the TV networks business. We value it at

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Speaker 2: about four dollars a share, So you put the value

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Speaker 2: of the total Warner Brothers Discovery assets, the entire portfolio

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Speaker 2: at thirty two dollars, so right off the bat, slightly

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Speaker 2: lower than what Netflix is offering.

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Speaker 1: Of course, sounds like a conversation back a couple decades ago.

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Speaker 1: All of a sudden, you know, maybe we'll hear from

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Speaker 1: someone from Drexel Burnham Lamber here to help us out.

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Speaker 1: Gee through Raganov and there on Netflix, on Warner Brothers

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Speaker 1: Discovery on Paramount as well. We continue the conversation Gee

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Speaker 1: through Raganav and looking at the dreaded word synergy.

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Speaker 2: The synergies. So you know, when you kind of think

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Speaker 2: about Netflix actually laid out two to three billion dollars

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Speaker 2: in synergies, and that's the only part of the operation

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Speaker 2: that's only with you know, the studio and streaming business.

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Speaker 2: And really all of those synergies are just going to

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Speaker 2: come from the streaming business. You know, because you have

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Speaker 2: HBO Max, you have Netflix. You don't want to run

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Speaker 2: two separate services necessarily, So it's combining the text tax.

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Speaker 2: In the case of Paramount, there's a whole lot more

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Speaker 2: of synergies that can be extracted. You have two separate studios,

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Speaker 2: you have two separate or many streaming platforms, you have

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Speaker 2: two different TV networks divisions. So when you kind of

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Speaker 2: look at the savings potential there, obviously it's huge. It

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Speaker 2: just means that Paramount can actually go much higher. In

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Speaker 2: terms of a bit.

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Speaker 1: Keitha raghenathen and she will have an eventful day, week

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Speaker 1: and months. Here is a soap opera. I love it.

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Speaker 1: I don't know if any of these players are involved

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Speaker 1: in soap operas, but it is a soap opera. Shout

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Speaker 1: out single best idea. Shout out to Lukashaw With definite

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Speaker 1: of reporting this weekend for Bloomberg News, we reported of

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Speaker 1: the conversation with Netflix leadership at the White House with

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Speaker 1: the President of the United States. We're there out on podcasts,

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Speaker 1: on Apple, on Spotify, on YouTube podcasts. It's single best

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Speaker 1: idea