Ted Sarandos

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 are 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.

This is a process that we're very confident that we're going to navigate.

And in fact, I'd say, again, when you look at the deals that are out there, I think people would like the status quo.

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 people 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.