John Skipper

I know it's incomprehensible to you, but I would take less money and be at the company I wanted to be at as opposed to taking more money and being misaligned with my owners.

David, in a way, is Netflix obligated to say what they think they're not buying is worth?

They're not, are they?

Why would they have to say, we want to buy all this.

We don't want to buy this.

Here's what we'll pay for this.

They're not obligated to say, and here's how we value this.

Not at all.

And you could, we've been talking about accepting the high software or not.

We'll put that aside.

You could also have a good discussion around

What is best for the shareholders over the long run?

Now, again, we may disagree.

If I were a shareholder in WBD, I would want to be with Ted Sarandos and Netflix, which is clearly a power, clearly on the ascendant, clearly right in the middle of sort of new streaming media.

Paramount is saying they will buy a bunch of old media.

I'm not making a characterization that old necessarily means bad, but you could make the argument that as a shareholder, now I'm going to just make a dispassionate argument.

As a shareholder, I want to be with the company that is going to grow my value more over time, and I would argue that Netflix has a more coherent long-term play

than Paramount does.

Well, it clearly just – it's not philosophical for them.

It is this muddying of the waters.