Dan Rayburn breaks down the assets Netflix (NFLX) would gain from their Warner Bros. Discovery (WBD) deal and how long the deal could take to close. “The most important thing to remember…this is a long way from being done,” he cautions, including worries about antitrust scrutiny from the government. Dan discusses how metrics around viewership are measured vary widely, which makes the picture murkier. He also talks about how Paramount’s (PSKY) offer differs from Netflix, including buying their linear TV business.