Rohan Goswami

So it's literally genetic with this company.

There's never been a good deal for this company.

Anyone who's bought this thing has almost immediately regretted it.

AT&T picked it up and immediately dumped it, right?

So it's not a good asset.

It's kind of cursed, and investors aren't superstitious, but it is kind of cursed.

It's also a big bite at an apple for, as we were talking about earlier just now, a company that has chosen to build, right?

Starting with House of Cards, but now a multinational, multilanguage content business.

Netflix has been really good at coming up with hits, executing on those hits, spending a lot on those hits, but executing on those hits.

Now they're picking up a content library which has existed for decades from, you know,

decades here.

And while there's no question it's a valuable content library, investors are a little confused about why these guys who have steadfastly time and time again, when they've been asked, would you buy this company?

Would you buy that company?

Why this time is different, right?

Why Warner Brothers is so compelling to them.

Hmm.

Now, they've laid out the case.

They think that the streaming business is going to be a $4.5 billion business, I think, by 2030, which is meaningful for a company like Netflix, which did $50 billion of revenue or is expecting to do around $50 billion of revenue next year.

But still, at the end of the day, it's a big bite.

Shareholders have to pay for that.