Ted Sarandos

And we have a long history of running the business well and pivoting when it's time to.

And adding new business lines to the business that we both get upset about sometimes.

And then when we do it successfully, they're thrilled.

I think advertising probably is the most recent example.

Live could be a more recent example.

Some of our live sporting events could be a more recent example of things that have been pivots in the business that have gone on to grow the business very well and people are very happy about it.

People don't like change.

They don't like any degree of uncertainty sometimes.

And anytime there's a new deal, there is regulatory scrutiny.

There is execution risk, all those things.

But we are highly confident that we're going to bring this deal close and that we're going to successfully integrate the business.

And I think about it as the reason why we're all talking about these deals so much this week.

We've granted the seven-day window to get some clarity about the Paramount deal because Paramount has been out spreading a lot of misinformation to shareholders, into the markets, into regulators in ways that have run the narrative into a state of confusion.

We're trying to say, well, take seven days and get some clarity.

Because what we believe is, and what the Warner Brothers Discovery Board agrees with us on as well, is that our deal is a superior deal.

We believe it's good for them.

We know it's good for us.

And we are excited about getting it done.

This deal is not complicated at all.

It is $27.75 plus the value of Discovery Global.