Netflix (NFLX) and Paramount Skydance (PSKY) are both down over 24% this year after their bidding war for Warner Bros. Discovery (WBD). Paramount ended up winning the deal for $110 billion, which is still going through regulatory approvals. Netflix walked away with a $2.8 billion termination fee. Despite the recent drop, Netflix is still highly profitable with over 300 million subscribers. It is currently trading at a forward P/E just under 20, which is historically low for them. Paramount should benefit from scaling up once the WBD deal closes, but Netflix seems like the better value play right now. Both will probably benefit from streaming consolidation and price hikes in the long run.