BREAKING NEWS: The court challenge being filed by @paramountco - @Skydance to upend the @netflix - @wbd deal confirms my "Defcon-1" reporting on the Ellison's strategy going forward involves a lawsuit. Also confirmed is my "Plan D" reporting from Sunday in launching a proxy fight for $WBD board seats, though my understanding the efforts by $PSKY go further: The want to show $NTFLX shareholders how much they will lose in market value if the battle continues. So far they've lost $160 BILLION in market value since $NTFLX stock hit its one-year high in July and the bidding war began. The legal morass will turn up the heat even more on $NTFLX stock, $PSKY predicts, and that will be bad for $WBD shareholders since the $27.75 offer is cash and STOCK. The other part of their plan is to show that $NTFLX-$WBD is a regulatory loser (Trump weighed in this weekend suggesting as much), while $WBD shareholders have an easy out and just take their $30 all cash offer, as opposed to stock with an uncertain value and an equity stub in the $WBD spin off that could be worth less than $1. Of course @netflix disagrees with all of this, and this weekend told me the $WBD wants nothing to do with what $PSKY has offered. $NTFLX has hired its own Trump-friendly lobbyists who set up the pow-wow between Ted Sarandos and the president, and that the deal doesnt violate antitrust by combining two top streaming properties and to push back on the notion that Larry Ellison has Trump in his pocket. But as I reported this weekend, a Trump official told me the @netflix deal for $WBD will get an intense reg review, and $NTFLX's biz model might also get reviewed, which could squeeze its share price even more. Yes lots of gamesmanship here, book worthy at that. Ummmm....