A core argument of Paramount Skydance ‘s hostile takeover bid for Warner Bros. Discovery is this: WBD’s cable networks like CNN and TBS are not worth as much as the David Zaslav-led company’s deal with Netflix implies, Paramount claims.

It’s hard to do an apples-to-apples comparison of the two proposals. But here’s how the math works out, according to Paramount. The most recent $30/share offer from Paramount Skydance (all cash) is for the full company, including its TV biz (equity value: $77.9 billion). Netflix’s $27.75/share agreement with WBD (84% cash) covers the Warner Bros. TV and film studios arms, plus HBO, HBO Max and the games division (equity value: $72 billion) — excluding the non-HBO TV networks.

Since Warner Bros. Discovery accepted Netflix’s deal terms and rejecte

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