Ed Ludlow

How do we value those networks?

Gosh, that's another great question.

I mean, it really is a difficult thing to manage at this moment.

We're talking about a really big shift in the ecosystem, right?

We've had these traditional channels around broadcast cable that have been almost cash cows for these businesses for a long time.

Then the shift of streaming and the ability to build those businesses with

Slip lower margins, right?

But now we're seeing with price increases, advertising dollars moving in, that it's actually a great value.

And now a huge shift into this creator economy and thinking about short form content.

And then you have to evaluate those assets against those big shifts in the ecosystem.

They still have value.

They still spin off cash.

They still can be the home for reach and advertising.

But the real value has shifted.

The advertising dollars have shifted in a new direction.

I'm going to remind our audience of the state of play because in a deal like this, you get some fatigue.

But Netflix is basically saying we want the streaming business in the studios.

We'll spin out the legacy networks.

Paramount Skydance wants the whole enchilada.

In your mind, which result would make most sense for the consumer?