Lucas Shaw

I know that I've heard you say that that is because of uncertainty, but it went down basically as soon as you went into this.

So I'm just wondering, is there a point at which it goes down so much that you and your fellow board members have to reconsider if this is the right path?

When you talk about clarity and certainty, one of the aspects of the Paramount deal that they have stressed is better.

And I think some of the Warner Brothers shareholders seem to agree, or at least entertain it, is they're offering to buy the whole company.

They will just take it out, $30 a share.

Warner Brothers doesn't have to proceed with a spin beforehand.

What is your argument for why your more complex deal is better for all those shareholders than just getting the cash?

If Discovery Global is a great asset, I'm just wondering, have you guys talked about just buying the whole company and doing the spin yourself?

Now, we both know that as many times as you've made this commitment on the theaters, it seems that there's a certain contingent of the population that just struggles to believe it.

And I'm wondering, my sense is, and I've heard that both theaters and some of the trade unions in Hollywood have asked for sort of formal commitments on some things like level of production, theatrical releases.

Are you willing to kind of put those commitments in writing?

And if not, why not?

You mentioned HBO and one of the concerns... Sorry, if I could go back to what you said about the trade unions as well.

Now I'm curious, you brought up HBO and one of the big regulatory questions around this antitrust law depends on will prices go up for consumers?

Is this bad for consumers?

Are you going to offer HBO on a standalone basis going forward and will you offer it for less than it is offered today?

Well, the news is obviously that Warner Brothers has decided to talk to Paramount.

They have not been speaking for a couple of months.

Paramount kicked off this wholesale process last year when it kind of sent over an uninvited offer, basically, for all of Warner Brothers Discovery.

It then spent a couple of months increasing its offer every few weeks, trying to win.