A disheartening phenomenon in the age of streaming TV is “second screening”. This involves scripting programmes for viewers who are only watching with one eye because the other is on their phones. A classic tactic, actor Matt Damon revealed recently: repeat the plot three or four times in the dialogue.
Paramount Skydance is doing something similar. The US media group thinks its $108bn offer for Warner Bros Discovery is better than a bid from Netflix — and has pointed this out repeatedly, while tying up some loose ends in its financing. But now it needs to take the plot forward.
At the last count, Netflix is offering WBD investors $27.75 per share in cash, plus ownership of WBD’s cable-TV business, which will be spun out. Paramount is offering $30 in cash, but would keep the cable assets for itself. Much of the debate has hinged on the value of the cable “stub”, and each side’s chances of approval by competition authorities.