BREAKING: Ive covered a lot of deals, but this one takes gamesmanship to another level, and Zas is playing it perfectly. Zas knows @paramountco needs what he has; he also knows @netflix needs a growth strategy and @wbd is the perfect vehicle were it not for the regulatory uncertainty and it is tremendous. The renegotiation with PSKY--if it happens and most think it will -- isnt the result of any of these activist investors you keep reading about. It's about a perfect storm for Zas that he helped stoke: He never cut off PSKY despite the appearance of bad blood. He embraced Netflix but I know he knows it is facing a wall of uncertainty about getting its deal through Trump land. $PSKY needs WBD or its future is shaky at best, and @netflix has convinced itself it just cant walk away at this point even if everyone I know inside the administration thinks the co is significantly downplaying its regulatory hurdles. Taken together and Zas he can play a little chicken to get his final number up between $31-$33 a share, taking the valuation of his company to close to $90 billion (it was barely $30B when this began in September). He is essentially threatening both sides that he is just fine if has to walk away from $NTFLX and running a largely debt free studio and streaming service w $5.8 billion breakup in cash from Netflix, while telling $PSKY the time is running out on your own melting ice cube of a media company. My write up on Zas virtuoso performance will be dropping imminently