Early trading suggests the cable-network spinoff is being valued conservatively, a signal that could matter in the Warner Bros. Discovery takeover battle. ...

The battle for Warner Bros. (NASDAQ: WBD) has intensified as Netflix (NASDAQ: NFLX)  and Paramount (NASDAQ: PSKY) submit competing multibillion-dollar bids. Key assets include Warner Bros. studios, HBO, the DC and Harry Potter franchises, and its global production and distribution network.Netflix offered about $72 billion in equity ($82.7 billion including debt) for Warner’s studios and streaming division, spinning off the cable networks. It aims to integrate Warner’s premium brands into its global platform ...