Lou Whiteman

They are doing everything they can to look big and to present themselves as a good option.

But look, there's risk anywhere you go here.

I think there's real risk there.

And

Netflix, look, this is a big deal for them, but they can handle this.

They are more, I think, of a known entity, a trusted partner.

If all else is equal, I can see the board saying, let's go with this trusted partner.

Whatever the cable upside is, we're preserving it for our shareholders and get a deal done.

Wait, $4.5 billion isn't nothing, though.

I don't want to be too Pollyanna here, but let's look at this.

For one, the original deal was about $60 billion in borrowings for Netflix.

They've already signed deals to get rid of the bridge on about $25 billion of that, which is going to help their interest rates.

They generate $7 billion to $8 billion in free cash flow a year.

Disney, it was a third of that or a quarter of that back in 2017 when they announced the Fox deal.

I'm not going to say this is easy for them.

Obviously, I agree that no debt is better than debt, but I think they can handle this.

Look, yes, I think what Netflix is telling us is they need this.

I mean, look, they wouldn't be doing this if not, I mean, this isn't a luxury.

They are looking at the world.

Yeah, Travis, they may want to compete for sports.