Isn't Netflix's bid higher than paramount for the assets being procured?

Please help me if my understanding is correct:

Paramount has agreed to a $31 per share buyout for all of Warner Brothers, but Netflix is only offering $27 per share. I feel such newspaper headlines are misleading because it's not an apple's to apple's comparison.

Now, Netflix is only interested in streaming services and studios. In fact, not purchasing these TV channels might be equivalent to the difference of $4 per share. I think the better comparison is bid per revenue.

Warner Brothers Revenue:

Streaming Division - $2.8 Billion
Studios - $3.2 B
Global Linear Networks - $4.2B

Netflix revenue target = $6 B
Paramount Revenue target = $10.2 B

With $27.75 per share, netflix is offering 13.8x revenue
While Paramount is offering 11.0x revenue.

So Netflix is actually bidding at a higher revenue multiple for better quality assets.
Netflix if acquired could have easily become a monopoly and have squeezed Paramount's already debt laden balance sheet and subscription users.

Are there better metrics to track apart from revenue multiple?

Edit: Correcting and elaborating some details

Debt of WBD = $28B (from [yahoo](https://finance.yahoo.com/quote/WBD/balance-sheet/))
Paramount final purchase value is $31 per share + Debt = $81B + $28B = $110B (rounded off as per [Reuters](https://www.reuters.com/legal/litigation/warner-bros-signs-110-billion-deal-with-paramount-ends-bidding-war-with-netflix-2026-02-27/))
Netflix final purchase value is $27.75 per share + Debt = $72.5B + $28B = $100.5B (I got $72.5B as 81 \* 27.75/31)

Bid per Revenue values:
Paramount: $110B/10.2 = 10.78
Netflix: $100/6 = 16.75