01 Bridge enterprise value to equity
On the original deal call, Netflix reported two values for the same transaction. In the exercise, bridge between those measures using the target’s debt and excess cash.
Investment banking interview prep when AI drafts the bid comparison
Compare M&A bids, check the valuation and revise your advice when the terms change.
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02 Price each part of the offer
WBD described the move to cash as increasing certainty of value. In the exercise, show what happens when the buyer pays partly in shares and ties a payment to a milestone.
03 Compare price and closing risk
WBD’s finding triggered a four business day match period for Netflix. A board finding is one step in a process. Estimate the value if each fictional offer closes and the equity shareholders retain if it fails.
04 Check the AI comparison against the filing
“can we give our clients better advice faster?” (opens the source)
Waldron asks whether AI tools and human judgment could improve client advice. Test the judgment in a draft bid comparison by checking the assets each offer covers.
05 Defend the advice when facts change
“build updated financial models, and support multi-billion dollar transactions.” (opens the source)
The analyst role includes financial modeling and deal support. Practice giving the seller one recommendation, the numbers behind it and one fact that would change it.
The employer says that interview steps vary by role. See JPMorganChase hiring guidance.
Sources
- Spence Neumann, Netflix CFO, at the time. SEC Form 425, “Netflix transaction announcement call”, Dec 5, 2025. Open the source. Checked against the published text.
- David Zaslav, WBD president and CEO, at the time. SEC exhibit, “Netflix and WBD amend merger agreement”, Jan 20, 2026. Open the source. Checked against the published text.
- Warner Bros. Discovery, Company statement on the board determination, at the time. SEC exhibit, “WBD Board Determines Paramount Skydance Proposal Constitutes a Company Superior Proposal”, Feb 26, 2026. Open the source. Checked against the published text.
- John Waldron, Goldman Sachs president and COO, at the time. Goldman Sachs Exchanges, “John Waldron on GDP Growth, AI, and the M&A Outlook”, Nov 4, 2026. Open the source. Checked against the published text.
- J.P. Morgan, Investment Banking Full-Time Analyst program, at the time. JPMorganChase Careers, “Investment Banking Full-Time Analyst”, Undated. Open the source. Checked against the published text.
Last reviewed Nov 10, 2026