Jason Hall

I think this for Netflix is more like what we saw with Activision Blizzard during its most successful period as a standalone company.

It included a ton of M&A, acquiring game studios and integrating them into the business.

This is a big deal.

I think one of the reasons Netflix has decided to do it now versus doing this in the past, Ted Sarandos talked about, we've been a builder, not a buyer.

They're big enough now that I think they have enough culture

that's big enough that they can integrate this and their corporate culture is going to win.

It's one of the few companies that could have the discipline to deliver a happy ending for something like this.

The starting point for me is really clear.

I have to have confidence that the acquirer is a company whose leadership, that's the board all the way through the C-suite, can deliver on M&A.

There are mostly companies that just can't do it.

But there are a few that absolutely can do it and do it really well.

For example, Chart Industries.

Back in 2017, Jill Ivanko joined the company as CFO.

About a year later, she was named CEO.

In her time there, the company made 25 transactions.

The stock is up more than 5X.

That's 21% a year for an industrial manufacturing company.

It's now itself being acquired.

Most of those deals were small, but a few were big.

One was massive and debt-funded.