Nilay Patel

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.

You can see how there would be some division of who gets to do what at what time, depending on the capabilities of all these divisions, how many resources you have overall.

Who breaks those ties?

Where do new ideas come from in the system?

This is the thing I worry about most in our current information environment that...

existing IP has so much value associated with it because you don't have to try to get attention for it.

And new things, you're just sort of waiting for the next weird influencer to show up with an idea that goes viral.