Ed Ludlow

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.

It looks as though Chinese money is now being put to one side, but Middle Eastern money coming to the fore and Jared Kushner's money, private equity at least, which is also backed by Middle Eastern money coming to the fore.

Yes, the Middle Eastern money is probably the most interesting part of it because there had been a report, you know, at this point, maybe a month ago in Variety, the Hollywood trade publication, saying that there were three prominent Middle Eastern sovereign wealth funds involved in the Paramount bid.

Paramount initially didn't really engage, then later that day said that the report was inaccurate, and then it turns out the report looks like it was pretty accurate.

Because yes, I had heard and they have since disclosed that you do have a lot of Middle Eastern money in this bid, and there had been Chinese money, which makes it even more interesting that one of Paramount's arguments is that they will have an easier time getting this deal approved

But Warner Brothers Discovery's perspective was, well, it's actually making our life more complicated if you have all of this foreign money, because then CFIUS might have to look at it and approve it.

Bloomberg's Lucas Shaw, who's led the team on this story every step of the way.

Thank you so much.

Let's continue the conversation with Brandon Katz, Greenlight Analytics Director of Insights and Content Strategy.

Lucas did a really good job in explaining the differences in structure of the deals and also the different perspectives of each party.

But I wondered if you'd help our audience understand what the difference is between a Netflix joined with Warner Brothers Discovery's streaming and studio business versus a Paramount Skydance taking the entire thing.

What does that look like?