Felix Gillette

We will invest a great deal of money.

Probably the largest investment we've ever made.

Yeah.

Yeah, I mean, I think investors have every reason to be concerned about spending at this point.

I mean, it's not just that Netflix is pursuing the biggest acquisition in the company's history, but they're also said yesterday that they're going to be spending more in 2026 than they did in 2025 on programming, whether it's TV.

series or movies.

They spent about $18 billion last year.

They're going to be up to about $20 billion this year.

And yeah, they have a lot going on, whether it's live sports that they're continuing to expand in.

They've got this whole podcasting thing they want to do.

They've been talking for a long time about trying to ramp up their video game efforts.

So yeah, spending is a concern moving forward.

I mean, what we learned is they see the competition as being incredibly fierce out there, talking about YouTube, talking about competition from other places like Instagram, TikTok.

And I think from Netflix's perspective, they can't have enough library franchises, content.

They've really become this service for all different people in the family.

And to do that, you've got to work on sports.

You've got to work on topical programming.

You have to have dramas, comedies, boxing.

So they're really advanced in all fronts.

And yeah, I think they are kicking the tires on every library as it comes up.