Rohan Goswami

If two years from now you and I are talking about this and they've done a wonderful job, we'll be saying, you know, they were so prescient.

Who were we to doubt them?

But it is kind of true to your point that nobody seems particularly thrilled about this process with the exception, yes, of Warner Brothers board and of Netflix.

The one interesting thing I should have mentioned earlier is we actually do have an explanation for why Warner Brothers went completely dark on Netflix.

on Paramount, and it actually helps explain and answer your question of who really wants this.

Ted Sarandos really wants this.

We know this because in his lawyer's final message before the deal was signed, his lawyers basically said, look, Warner Brothers, we're prepared to move on this right now, and if you don't get back to us by tonight, we're walking, we're done.

It's a move called, you know, you go pencils down.

You basically walk out, you explode the deal.

And Warner Brothers, rather than risk losing Netflix, said, all right, all right, all right, fine, we'll go with you.

They've got to execute a merger agreement.

But it's clear that Ted Sarandos and you or I are both pretty smart people.

We're not Ted Sarandos smart.

Ted Sarandos thinks there's a lot of value for shareholders here.

I don't know if he's actually going to get it in the end, but if history is any guide, patience with that guy usually is rewarded.

I mean, look, everything is TV, right?

That's what we're seeing.

Podcasts for radio, now they're TV.

Everything is TV.

For Netflix specifically, it's not, they've been making this move for some time and the driver has been the consumer is a little weaker.