Sara Fischer

So neither of them are immune.

In terms of the billionaire impact, what we're finding is that you cannot stop the momentum of regular everyday people putting their dollar behind the news, the information that they think is non-biased and best.

Take a look at what's happening in Hollywood.

Sure, there's going to be

ton of studio consolidation, but the best performing box office hits these past few weekends have been from YouTubers, and they've been supported by A24, a smaller independent studio.

One thing I want to just make a note of, we in the U.S., we used to be, when we were majority newspaper country, we were mostly owned by families.

And that mattered, Scott, because before the world became so globalized,

Families had incentive to serve their communities with solid quality local news, especially, because that helps their local businesses.

A lot of times these families, they made money in a constituency and news supported it.

Fast forward to where we're at today.

The local family ownership has died out.

Obviously, you saw the Redstones have cashed out.

Now it's moving to the Ellisons.

But all those newspapers, a lot of them have been gobbled up by private equity.

We have a few families that still own some big conglomerates.

So the New Houses, you know, they own a lot over at Advanced Publications, which is a sister company to Condé.

And the Hearst Empire, which is

tons of local papers, some local stations, a little bit of Disney and A&E, they are, that trust that is family-owned will eventually expire.

So I think the thing that's happened is when families exit, billionaire individuals have been coming in, but I think, I feel very, very confident that billionaires are not going to control all the media.

I think the public recognizes the importance of a diversified point of view, and they're putting their money where their mouth is.