Ari Emanuel

So that was hard.

But once it got done, everything came back and calmed down.

No longer was on the field all the time.

In the past, he had the FinCEN rule where the owners of distribution couldn't own the whole thing.

Now with cable gone and broadcast, not gone, but in decline.

We just talked about, is it going to be Warner Brothers with Netflix or is it going to be Paramount?

There's not a lot of supply chain.

These guys are doing it and they're doing it within each other's boundaries.

Sony's one of the suppliers.

There's some.

Before, there was a lot.

Even before when I was in the business, you had tax incentives for production.

There's a company called Whit Thomas and all these independents used to supply.

They used to get tax benefits and supply great programming.

And it was an unbelievable business.

You had syndication.

And that's how at the beginning of my career, we made all this money.

Television was a great business.

You put a show on,

If you were an independent, you'd own the show.