Henry Ellenbogen
speaker
1,069 appearances
1 recordings
1 series
first heard Dec 2025
last heard 16 Dec
Henry Ellenbogen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Dec 2025 with 1.
Appearances
And I remember calling him on a Saturday saying, hey, Reid, look, I could be reading this wrong, but there is a scenario here where the market's right and you have to raise money.
And he said, Henry, what are you even talking about?
And I said, Reed, I'm a huge admirer of what you're doing.
I believe in what you're doing.
I believe it's offensive, but I also believe it's a tough financial transition.
You gotta go from a variable cost business model where the studios rent you DVDs on a usage basis to a fixed cost business model where you gotta write big checks to people like Discovery and Disney to acquire content plus the stuff.
He hadn't launched any original, but you're investing in original programming.
And if you run this scenario that I'm doing,
on the potential subscriber losses in this transition, you're going to run out of cash.
Or at least the market's going to think you're going to run out of cash and your stock is going to go down a lot more than $70.
To Reid's credit, he said, I have not thought about this as much as I should.
Let's talk tomorrow.
I'll get the CFO on the phone.
You go through your scenario.
We'll go through ours.
And I can learn.
At the end of the day, when he showed it our data, he's like, look, I don't agree with your scenario on subs, but yours is not out of the realm of reasonable thought process.
And he ended up raising a pipe.
We put, when I was at T. Rowe, in half of it, and I did that, and then TCV, Jay Hogue did the other half.
This, to me, is the classic example of a market-leading company embracing a transition.
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