Warner’s board keeps picking Netflix over a higher all-cash offer because headline price is not what closes deals. What matters is probability-weighted value after financing risk, break fees, regulatory drag, and the cost of running a company under siege. Paramount’s hostile campaign, however loud, has so far failed to convince the institutional holders who actually decide outcomes. In markets, weak tender participation is a vote of no confidence. Netflix, meanwhile, has engineered a win-win. If
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