Michael Barbaro

The movie makers, consumers, and regulators.

So Kyle, let me start with you.

Who wins and who loses Paramount?

in a paramount victory here?

Right.

One Battle After Another, the only one of the two I've actually seen, is clearly a movie about a world where revolutionaries take on a Trump-like administration.

So you're raising the specter right off the bat that a Paramount-owned Warner Brothers studio becomes somewhat potentially politically neutered, and that would be a worry for the creative class in Hollywood.

But in terms of the movie business...

Nicole, since you know very well how streaming-centric Netflix is, if Paramount were to take over Warner Brothers, it would clearly want to put things on Paramount+.

It's streaming business, but it sounds like the theater would be in less danger in that arrangement.

No matter who ends up winning.

Exactly.

Lauren, what is Paramount's argument to Warner Brothers about why it should be seen as the ideal suitor for the whole company rather than for just a piece of it the way Netflix is arranging the deal?

And when you say clean in your pocket, it's not borrowed?

In other words, Paramount may be making an argument, who knows how compelling it will be, that what the world really needs is a bigger streaming rival to Netflix?

Got it.

And therefore, this is not anti-

Competitive.

Competitive.

So I'm curious, as a consumer, I think one of the curiosities we all have is which one of these companies, if they were to prevail, would make better stuff?