I have a simple piece of unsolicited advice for Ted Sarandos regarding his merger with Warner Bros. Discovery: Walk away now and let the desperate boneheads at Paramount Skydance get the Pyrrhic victory on this one. In fact, there are many good reasons that Ted should ignore his highly respected M&A advisor Kenny Moelis, who I’m sure is telling him to raise his $27.75-per-share, all-cash bid for WBD’s Streaming & Studios business to something that—along with the value of the Global Networks equity stub—matches or exceeds PSKY’s latest $31-per-share, all-cash bid for all of the company. But Moelis may get paid either way, whereas the Netflix team will need to justify this deal to multiple governments, Sarandos’s shareholders, and Wall Street analysts for months to come. Ted should let PSKY have it—otherwise he’ll regret overpaying for a business that has singed everyone who’s owned it in the past 50 years.