Maggie Eastland

Right.

So, I mean, I'm comparing the trading price for WBD, Warner Brothers, for like a year, essentially.

It was falling and it hit about a $12 price before the first rumor of a P.Sky bid started the stock moving up.

And then I can't remember the Larry Ellison first bid or the David Ellison first bid, but now we're up at $30 a share for the whole thing.

And that includes 27 from Netflix for studios.

Plus the idea is there'd be a $2, $3 stub left trading for the networks division, which would add up to $30 also.

But in theory, so anyway, I'm saying we're like at $30 for the comparable asset that was trading at $12 before Netflix.

the auction began for this asset.

Okay.

So in streaming, in the streaming industry, Netflix has over 300 million global subscribers and HBO Max has 150.

So together, there's some duplication there, but let's just call it 450 subscribers, which is like 40% of the streaming market.

Whereas Paramount or Peace Guy, it's now called, has 75 million subscribers that you would add to the

HBO, which is 150, so now you're at 225 million subscribers.

Much smaller market share of streaming than if you combine Netflix, which is the industry leader, with Warner Brothers' HBO Max streaming asset.

So I would say that's one reason.

And then the Hollywood studios, as you know, Netflix is one of the largest global creators of content.

And they would combine it with Warner Brothers, which is one of the largest global creators of content.

They have different windows, meaning distribution windows, meaning Netflix primarily creates for television, direct to streaming, the television screen.

And Warner Brothers primarily creates content

for both TV but also the film business.