Harry Stebbings

We have the CMO stepping down due to health reasons.

We have the CRO out.

We have Fiji, who is head of apps, taking a short leave of absence with health problems.

How do we read this very significant multitude of changes at the management layer?

I get where you're going there, Roy, which is like for the replacements to be additive, there needs to be great talent added.

And there seems to be a lack of people coming on the field when they're coming on.

Can we just pause on that?

No, I just want to actually articulate a bull and a bear case rationally for an audience for how this acquisition could be seen from both sides because it is very confusing.

So if we were to start with a bull case, Rory, and Jason, please chime in too, because you're the master of media and venture as well.

What is the bull case?

We're 100% aligned.

The only thing I would come back to you with saying is they have consistently shown an inability with how to respond on social to negative moments, whether it's lemonade stand, whether it's anthropic adverts.

They've consistently messed up crisis PR and crisis communications and made themselves not look great.

The only way I could justify this is by saying they are vibe maintenance for those shit times to make us better, cooler, better responders to bad things because they have no editorial control.

Like this is the most important thing.

Andreessen are right, the importance of owning media, but they have no ability to own the content, to influence it, to impact it in any way.

It is editorially completely impartial.

So they have zero benefits.

This is the only reason this does not make any sense.

If they had the ability to own the media properly, it would make sense.