While Netflix Inc. and Paramount Skydance Corp. vie for President Donald Trump’s blessings in their competing bids for Warner Bros. Discovery Inc., investors have an irony to consider.

The valuation of faltering cable TV networks like CNN, TNT and Discovery — among the TV industry’s least-coveted properties today — is much of what separates Paramount’s hostile takeover bid from Netflix’s friendly offer.Play Video

Paramount kicked the bidding war into high gear Monday, going directly to stockholders with a $30-a-share all-cash bid that values all of Warner Bros. at $108.4 billion, including debt. It’s aiming to derail Netflix’s agreement announced last week to buy Warner Bros.’ studios, streaming and HBO businesses for $27.75 a share in cash and stock.

The $2.25-a-share difference betwee

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