Matt Belloni

Or they take HBO Max and they spin it off and sell it.

There's a scenario where they buy this company or the studio and streaming side of the company at Warner, and then they take the studio and sell HBO Max to Comcast.

So then they can kind of take what they want and Netflix can take what they want.

That's one scenario.

Yes.

I mean, that is very complicated because obviously, what is the value of HBO?

It's the brand and it's all the subscribers, but it's mostly the content that is on HBO, which presumably Netflix would want to take for themselves.

It's all those Warner's movies.

It's the full library of HBO shows.

You could watch The Sopranos anytime you want it on Netflix.

That is kind of the value.

And if they sell HBO Max to another company, what goes with it?

Some of the library, all of it, you know, writes to the library.

It's very complicated.

Exactly.

And the key element there is that HBO Max is global and Peacock is only domestic.

So Comcast would immediately become a global streaming player.

And currently they are not.

Broadband is a declining business, but they also have theme parks.

Not for old people.