Versant Media Group, the cable networks spinoff from Comcast, debuted Monday in when-issued trading at a price that values the company’s equity at about $6.5 billion.It’s not easy to draw a firm conclusion about the ultimate trading level for Versant because trading activity is extremely light at under 5,

Netflix co-chief executives Ted Sarandos and Greg Peters say the streamer will only see a slight increase in share of TV viewing with their proposal.

Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

As Netflix and Paramount fight for Warner Bros. Discovery, the fate of the giant media company could rest on the value of its cable networks.

The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.

For now, the outcome remains highly uncertain. Any acquisition of Warner Bros. Discovery would likely be reviewed by the Trump administration, which could move to block a proposed merger over anti-monopoly concerns, according to antitrust experts from Vanderbilt University, the University of Tennessee and the Cardozo Law School.

Disney CEO Bob Iger declined to take a formal position on whether he is team Netflix or Paramount in the battle for control of Warner Bros. Discovery. But he had a lot to say about what regulators should be looking at,

President Trump’s unusual decision to involve himself in the government’s review of the deal puts his antitrust chief in an awkward position.