Netflix may not want Warner Bros Discovery's linear media assets, but those cable networks can still generate strong business, if combined and reimagined correctly. By that, I mean they excel in video on-demand streaming, but not necessarily linear TV like broadcast or cable. In the other corner is Paramount, which wants the entirety of WBD’s business, including its legacy cable networks. Wall Street investors are speaking through their financial terminals: Without growth, the cable networks are worth nothing. Assuming Netflix’s offer goes through, WBD’s cable networks business will be spun out into a separate company called Discovery Communications.