Julia Alexander

is, what it was and what it kind of is today.

The idea was just that if you have enough content, then you'll be able to kind of bring people over.

And I think Paramount is very similar in that regard too, to your point.

Is David Ellison saying we just need content?

Do we just need to have enough of it that people are willing to spend more time here?

And I think if you look at the Netflix side of the equation, they've pointed out some really interesting details and data.

Obviously,

coming from their side about why this is such a great deal that i think does address some of those concerns though which is that there's already a strong overlap between hbo max and netflix subscribers so the engagement is going to be there unlike discovery and hbo customers who are on opposite sides of the equation you know you've got netflix coming out and saying we think that we can do a better job with ip formation and kind of supporting ip and bringing this out to our global subscribers we think we can do more with these ips in different

languages in different areas.

We think we can do more with this opportunity for HBO in our international markets because of the collaborations that we have with different production companies.

So they're already addressing a lot of the issues that Zaslav and Ellison's plan failed to address.

And I think where you see David Ellison really coming in and saying, well, here's how we're going to build on

What David Zaslav is doing and do it in a more helpful way is, of course, the other big debate at the center of this, which is theatrical and who is more committed to the theatrical release.

And in Hollywood, like to the rest of the world, that might not matter much just based on the data of how little we are going to movie theaters.

But to Hollywood, that is the central debate.

It's certainly the nostalgic factor.

I mean, it's a group of creatives built on nostalgia.

I do think we have a lot of sentiment analysis data looking at this over the past few years that movies released in theaters are more memorable to audiences.

I mean, a big part of that is the marketing push that accompanies it.

And so people are just more aware of it.