Ed Ludlow

But I still think that they will end up probably having to raise the offer.

Lucas, over the weekend, you reported in detail a meeting that took place between Netflix co-CEO Ted Sarandos and the president of the United States.

Then the president Sunday night said, and this is before the Paramount Skydance bid came in, that from an antitrust or market share perspective, this has got to be looked at.

Would the same not apply to Paramount Skydance?

It would.

It just is a different type of market, I guess.

Right.

So the president's comments, I thought, were notable because he had not spoken out against the Netflix bid at all, despite the fact that the paramount people were convinced that Trump was going to try to block it and was against it.

And I would say his comments were sort of balanced.

On the one hand, he praised Netflix and praised Ted Sarandos.

But he did say,

that would need to be reviewed.

Netflix is the biggest player in Hollywood in streaming, and so if we were to add on HBO and Warner Brothers, it would make it even stronger there.

In Paramount's case, they'd be combining two movie studios, they'd be combining huge amounts of television networks.

The respective share of either combined company in terms of TV viewing would be quite large, would be somewhat similar,

And yet both, I think, would still be smaller than YouTube.

So a lot of this, if we get to an antitrust case, is going to depend on what market you are defining.

Let's just think about the storyline that's capturing a lot of attention today is the money.

And we're all about the money for these things.

Lucas, Tencent was involved previously.