Ted Sarandos

That's going to continue and it's going to be good for the theaters because they're going to have more.

And by the way, I've been talking to them more about creative things that we do together, like we did the Stranger Things finale, which had thousands and thousands of sold-out shows all over the country, or the K-pop Demon Hunters sing-along, which energized the theaters on an otherwise very slow week.

So we're excited about working together with the theaters to make that business healthy again as well.

And I think that what they really need is more good movies, and we're going to provide them for them.

Lucas, let's be clear.

This deal does not represent any concentration risk at all.

So those two would typically be remedies for a situation like that.

According to Nielsen, we have 9% of the business.

We're going to add HBO to that, and we're going to have 10% of the TV business, which is the primary driver of this deal and of our business.

In the theatrical business, it's highly competitive.

There's a lot of output that's going to go through there.

The reason I'm not going to put it in writing, I wouldn't want to do this deal only to put ourselves at some bizarre competitive disadvantage down the road.

And I've earned some of the skepticism about the theater business because I've said things about the state of the theater business.

But I said that in the context of a business that we were not in.

And today, we own Warner Brothers, we own a theatrical distribution entity, and we're gonna want to continue to invest against the success that they've had.

Pam and Mike just opened their ninth number one film at the box office, nine in a row.

That's the kind of winning that we want to do with Warner Brothers and the theater owners.

I think it's very important that I would like to have the trade unions to support this deal on behalf of their membership.

Because what's going to happen in the alternative of this deal, I know there's some people who believe, you know, maybe if this deal doesn't happen, there'll be no sale of Warner Brothers.

This sale is going to happen.