Ed Ludlow

And again, I think when you look at the lens of consolidation, for us, I'll keep going back to it, it's always how do you create long-term value creation?

How do you put yourself in the position to produce more content, not less?

And how do you ultimately build something that is better for the consumer?

Brandon, what serves the consumer best?

What serves the consumer best overall is usually competition.

So I think there is a large sect of industry analysts and professionals that would probably prefer Warner Brothers Discovery to remain as an independent company because it means more competition.

It means more buyers on the market.

It probably means less layoffs of the labor force.

Having said that, that's unfortunately not the reality that we live in.

So somebody is going to get Warner Brothers.

So it is really deciding which ultimate partner is probably best for the industry.

Now, if you combine Netflix and HBO Max and if you combine Paramount Plus and HBO Max, they are still significantly smaller than YouTube, which is currently about a third bigger than Netflix in the U.S.

So either way, there is still a lot of competition out there depending on which industry you're pitting against, Warner.

another.

Let's talk about good old cable television, because that is where many would say there is perhaps value.

And it depends on which side of the equation you think.

At the moment, it feels as though Warner Brothers Discovery thought there was more value in spinning off that part of the business than the $30 coming from Paramount Skydance.

How do you look at those valuations?

Well, let's stick with the famous Warner Brothers property friends.

Ross was a famous paleontologist in the show, which means he loved fossils, which means he would love the cable network assets.