Lou Whiteman

M&A talk and all of that, and just look at this quarter.

The quarter is both really, really good and not as great as it was before.

Again, I think that that is the important takeaway here.

Maybe three, four, five years down the line, they will, through corporate actions, have found a growth mojo.

I think it's more about sustaining what they have.

But look,

As you say, when you have all the customers in the world, there are only so many levers you can pull.

I would note, they say ad sales are going to double in 2026.

And it was at $1.5 billion in 2025.

So that's good.

That is a lever they still have to pull.

This business is healthy.

This business is fine.

This is not a business that's going to triple in the next two years or three years, though.

And for so long, Netflix has just been eating everyone's lunch.

I do think there's an adjustment.

Kind of, but not really.

Look, they're using debt to acquire content here, just with a different kind.

You can say it's more of a sure bet, or you can say it's older, it's not innovative.

Rachel mentioned, there's so much hemming and hawing about this debt.