Ted Sarandos

They have incredible IP.

And we just happen to have a consumer model that can better maximize the returns on that IP.

So I think it's a great long-term outcome.

I think there has been some headwind in the stock.

There's been some headwind in the sector, and there's been some headwind because of the AI trade, which I think is ironic because I think AI will be an amazing creator tool to actually make the entertainment business bigger and better than ever.

So I do think those things have got to play out.

When I said they don't like uncertainty, there's concern about bidding wars and all those things, and we have always been an incredibly disciplined last buyer, and we will continue to be one here.

I think that they're incorrect.

They're reading it wrong.

I'd say that if you look at the year we just came out of in 2025, we grew revenue 16%, we grew operating income by 30%, and our engagement did go up, went up a couple billion hours.

And I feel like there's engagement, which is important.

New hours is one component of engagement, and it's certainly one component of the value of engagement.

We're very confident, you saw that in our 26th guide, that we're going to continue to operate this business well.

and that this model very much works, and that this Warner Brothers acquisition is an accelerant to that model, and it also future-proofs that model for decades to come.

Well, this deal offers great value to the Warner Brothers Discovery shareholders.

It offers great long-term value to Netflix.

We have a normal regulatory path ahead.

There's nothing uniquely challenged about that process.

We're about in the middle of it with the DOJ, with the European regulators, with regulators all around the world, and with...

State's Attorney General.