Paramount and Netflix Bidding War: How Much Is Warner’s Cable Business Really Worth?

The multi-billion-dollar war over the legendary media company Warner Bros. Discovery may, unexpectedly, come down to how much the old, dying cable business called Discovery Global is actually worth. 

Paramount CEO David Ellison argues that Discovery Global — made up of cable networks like CNN, TBS, Food Network and HGTV — is worth somewhere between nothing and 50 cents per share. Warner Bros. Discovery’s board disagrees, pegging it closer to $3 to $5 per share, based on estimates from some Wall Street analysts.