Richard Deitz

If billionaires want something, I generally go the opposite of that as a general life guidance rule.

No, I don't think – I mean the consolidation for – if you're a sports fan, it's sort of TBD.

The reality is like the combination of CBS's properties and Warner Brothers Discovery properties would give them the second best set of sports –

kind of, you know, sports properties behind DSPN.

But the reality is they're not going to be able to keep all of them because they have to ultimately re-up with the NFL.

And, you know, Paramount, David Ellison, NFL officials, they've already sort of indicated to you that they're going to, you know, they're going to opt out early and they're going to resign and extend that contract early.

So if I had to guess, I think there will be some Warner Brothers discovery properties that go to the open market.

Like, you know, could that be like the French Open?

Could that be the NHL?

You know, we'll end up seeing, but I don't see the combined companies retaining all of those properties.

But generally speaking, from my perspective, when you see mergers and major mergers, two things happen.

One, people get laid off.

And I was part of a massive merger way back in the day when I first started my career, AOL and Time Warner merged.

It was like essentially the worst business merger in the history of America.

And a ton of people lost their jobs.

So that's what will happen.

Generally speaking, you will see people at Warner Brothers Discovery or CBS lose jobs.

We may not know their, they may not be front facing.

So they may not be famous people per se, but there will be people who lose jobs.

And then inevitably the consumer usually pays