Jason Moser

I agree.

It's a bedrock streaming subscription for virtually every household.

I think that only becomes more the case with a deal like this.

It's funny, you saw Ted Sarandos saying, I know that some of you are surprised we made this deal.

We tend to like to build things rather than buy them, but they just view this as a unique opportunity.

as Lou said there, to go ahead and get a catalog of just some very valuable IP, some very valuable content that they know customers like.

You look at Netflix, around 300 million subscribers there.

With HBO Max and all of this, that's a little bit less than half of that.

They're going to add some subscribers.

There's clearly some overlap there, but they're going to bring some new subscribers into the mix there.

More so, they will have just a ton of additional content that comes with it.

I think the one thing, I'm not as excited about the deal.

I understand why they're doing it.

But it also makes me a little nervous from what we were talking about earlier, the Disney perspective.

What I mean by that is, you think about this, Disney has a market capitalization today around $186 billion.

That's on $94.5 billion in revenue and $12.3 billion in net income.

Netflix, on the other hand, has around $435 billion market capital and just over $43 billion in revenue and $10.5 billion in net income.

I think one of the things that's really held Disney back over the last several years, one of a few, I think they relate to this

streaming game, better late than never.

But right, that Fox acquisition, I think, set them back a little bit because it was such a large commitment.