Michael Barbaro

Right.

The undisputed leader of streaming is Netflix with about 300 million.

I think Paramount Plus is at about 80 million subscribers.

So, so many fewer.

Great summary.

And that, of course, brings us to Nicole Netflix, which clearly understands that Warner Brothers is kind of in trouble, maybe up for sale, and that Paramount has its eyes on it.

And Lauren, why is it that amid all these offers, it's Netflix offer that Warner Brothers accepts, not Paramount's?

that they're making a hostile bid for Warner Brothers Studios, which is not all that normal in this generation of business.

And I want you to just quickly explain how a hostile takeover works and if it's ever seen as a good idea.

Kind of a nuclear option.

This is the moment where I have to say that my favorite hostile takeover of all, and Kyle, I hope you appreciate this, is Gordon Gekko's takeover of Teldar paper.

Greed is good.

There are producers on our team who want to make sure I have explained properly that Gordon Gekko is a character from Wall Street, the movie.

Now, if you needed that explanation, I'm frankly sad for you.

I want to discuss what the world looks like if either of these companies end up taking over Warner Brothers.

And I think we should start with the version where Netflix takes over Warner Brothers because that's the deal that's already been announced and is in the works.

So, Nicole, what does buying Warner Brothers precisely do for Netflix and its 300 million subscribers, given this crown jewel library that it has?

How does it work?

Got it.

So the key thing that this does for Netflix is it beefs up its central business, its reason for being, which is streaming to people at home, just to be very clear about that.