Michael Barbaro

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.

Well, just spell that out, because I think those of us who've come up in the post-theater world imagine the theater to be destined for the dustbin someday anyway.

So just walk us through what this deal would do to the timeline of theater's already pretty big problems.

Nicole, is that a justified fear?

And let me just spell out how that fear has been expressed.

There have been letters written from theater owners saying that the Netflix ownership of Warner Brothers is a disaster for them.

been movie producers and writers, Kyle, correct me if I'm wrong, who've written a note, I believe it was anonymously, saying this would be really bad for them.

The whole world of people who make movies that end up playing in a theater have been talking about Netflix buying Warner Brothers as kind of end times for the theater.

And I'm curious if you think Kyle is right that Hollywood thinks that any assurances to the contrary are meaningless.

I can see Kyle's head exploding.

I know him to be a lover of the theatrical.

Kyle, are you really convinced that a Netflix-owned Warner Brothers doesn't really put any movies in the theater?

I mean, it could in theory very easily do both if for no other reason to create a cultural conversation, to create buzz, to create buzz for the story you end up covering every year, which is awards season, Oscars, Golden Globes.

Right.