Wall Street has begun rendering its verdict, at least in the short term, on Netflix ‘s $82.7 billion deal to acquire Warner Bros.

As is typical of acquisitions, the stock of the buyer lost ground by mid-day Friday, slipping 3% to just below $100, while the party being (mostly) acquired, Warner Bros. Discovery, gained ground. WBD’s 5% rise was not stratospheric, but the shares had already doubled since reports started circulating in September that the company could be sold, meaning that much of the premium was already priced in.

Paramount stock has emerged as the biggest loser thus far, falling 8%. While the shares have climbed 17% since the August close of the Skydance merger, they are well off the 52-week high of $20.86 established in September.

Shares in Comcast, which was bidding

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