Ed Ludlow

But let's say in either event, Netflix comes out on top or Paramount Skydance comes out on top.

How does that change the landscape of entertainment?

What does it look like to have an entity of that size?

Roughly two-thirds of U.S.

adults who subscribe to HBO Max also subscribe to Netflix, whereas about 40% of HBO Max subscribers also use Paramount+, according to Greenlight Analytics data.

So as of right now, the clear raw subscription streaming upside obviously favors Paramount+, which has about 80 million subscribers globally.

globally.

So they are a solid, growing streamer that's been on original content hot streak since late 2023, but clearly isn't remotely the same size as Netflix, Amazon, or Disney+.

So if Netflix were to get WBD,

they would suddenly be investing in a lot of new businesses.

And we don't know how they would play up theatrical.

We don't know how they would handle WBD TV's massive external TV licensing business.

We do know that Paramount and WB, there's more of, again, overlap and redundancies.

So we can safely say that that would probably be more predictable as to what the future would look like.

And it would certainly position Paramount to make that entrance into the top three contenders of media companies.

Certainly, David Ellis has been talking about getting in the position to produce more, more content, in particular for the consumer.

Brandon, just listen to what he told our own Lucas Shaw a little bit earlier in October at our Screen Time event.

We have a good relationship with the administration.

And look, I think if you look to that, I do believe...

Other things that have been rumored about, right, are very large-scale players that could potentially create monopolies, obviously, in the ecosystem.