Ed Ludlow

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?

you know, and what they would actually use those platforms for.

Sure.

Well, listen, I think that there's absolute value for the consumer and for the shareholders, most certainly in a Netflix Warner Brothers combination, right?

You have superior storytelling capabilities coming from the HBO Max and the Warner legacy and their entire library, coupled with what is superior tech, right?

Netflix has led the industry in personalization, in driving new features and algorithms.

That combination is certainly unique.

Now, does that mean that's the best consumer?

I don't know.

Does the storytelling capabilities that are combined with Paramount, coupled with Warner, deliver more value into the ecosystem in general and for consumers overall who get great enjoyment out of those stories?

That's a difficult equation to value, but I can most certainly see there's value in the greatest tech and greatest storytellers coming together.

What perhaps there isn't value for for consumers right now is three companies getting caught up in a lot of admin and fighting and regulatory discussions rather than focusing on the business and innovating.

How much is that a risk?

I think this is the biggest risk of any big transaction in M&A activity, right?

The focus becomes how do these companies potentially come together?

Everybody internally thinks about what is my role in this transition?

And no one's focused on the fact that they're competing with an ecosystem that is evolving around them.