Completing his proposed split-up of Warner Bros. Discovery remains an option for our friend David Zaslav, but I think he is nonetheless pretty much resigned to sell the company, with the inevitable blessing of his board and shareholders. Indeed, the notion of Zaz taking the Streaming and Studios business and his C.F.O., Gunnar Wiedenfels, leading the Global Networks business increasingly seems like a paper tiger—a potential outcome that the bankers at Allen & Company, Evercore, and JPMorgan Chase can compare to the other bids as an intellectual exercise in their fairness opinions, if nothing else. (Disclosure: Through our recent acquisition of Air Mail, Zaz has become a de minimis shareholder in Puck.)