Over the past few months, Netflix and Paramount have sent markets reeling amid their feud over Warner Bros. Shareholders initially preferred Netflix’s cash-and-share offer to Paramount's leveraged offer, then preferred Netflix’s all-cash offer over Paramount’s high sticker price with more leverage. Yet, in the end, David Ellison's aggressive bidding won out. This allowed Netflix stock to rally marginally, further boosted Warner Bros. stock, and continued to tank Paramount’s stock. Many third-party viewers watching this showdown were surprised by Ellison’s win. I, however, anticipated it from the beginning and will explain my reasoning below, as well as a breakdown of Paramount's most recently accepted offer.