Ted Sarandos

We think this deal will have a positive impact on the business for the long term.

Remember, what we're doing in buying these assets is we've been creating original programming on Netflix for about a decade.

They've been making original film series for about 100 years.

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 black 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.

It went up a couple billion hours.

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

New hours is one component of engagement.