Exceptional outcome for $WBD shareholders. If you love great content, Netflix is probably the best home for Warner Bros. Discovery. $27.75 comprised of $23.25 of cash and ~$4.50 of $NFLX stock

Worth noting that there is probably also $3-5 of additional SpinCo value in the Discovery/linear TV company that $WBD will spinoff before the deal closes (ie, not being acquired by $NFLX).

I may be too high on the “$3-5” value.