Nilay Patel

But I actually want to take one step back and ask the decoder questions to set some of that up.

From the outside, just in talking about Hasbro as we have been, it seems like the IP is at the center.

Whether it's you're going to go get the license from Netflix for K-pop Demon Hunters or you have your own like Magic and Monopoly.

There's other stuff.

It feels like the IP licensing, having that is really at the center of the company and then –

You've obviously restructured.

So just talk about how Hasbro is structured now and how the IP licensing flows through the structure you have now.

How does that work with the IP?

So let's say Monopoly.

You're like, we make the Monopoly board game.

That's one division.

But we want to make a Monopoly movie.

And we want to make a Monopoly video game.

Who gets to make those decisions across the structure?

Can I just ask you, what is the Monopoly play lead like?

Do they wear the hat and the monocle?

What is that person like?

So it's a pretty hybrid structure, right?

It sounds like these play leads, they sit in the division that is most naturally associated with whatever property, and they get to use all the functions of the other divisions.

There's some resource constraints there.