Joe Flint

So the more content you have there, the more movies, TV shows, other stuff, the more likely you're willing to stick with this service.

Netflix saw an opportunity.

They recognized also the value of that library and the HBO brand.

Again, they weren't interested in the cable network business, but they were interested in that.

And Warner felt that Netflix was a better steward for those assets.

And there was also concern from Warner Brothers about Paramount's ability to finance the deal.

So there were concerns like, okay, how are you going to pay for this?

You've got a ton of debt.

You're a smaller company than we are.

So those were some of the reasons there was animosity between the two.

And it was bad.

I mean, we've written stories about Paramount basically sending letters saying they felt this process was being tilted to Netflix and they weren't getting a fair shake.

They were very aggressive from the get-go.

They clearly had a strategy not only of bidding for these assets, but of making sure that whoever bid

they were going up against would face a very tough time in Washington.

And the Allisons have connections with the Trump White House.

And Trump made clear, certainly, that he had doubts about Netflix's size and that it would face a tough review.

And he didn't really express those same concerns about Paramount.

They've built a giant streaming business and become this giant player.

And basically, A, avoided scrutiny from Washington lawmakers, and B, because they haven't done big deals before, they haven't had to parade themselves in front.