Travis Hoium

Lou, I also want your thoughts on some of these other details.

There's the $31 per share in cash, but there's what's called, I'm reading from the press release here, a daily ticking fee equal to 25 cents per share per quarter beginning September 30th, 2026, as well as a $7 billion regulation or regulatory termination fee that would be payable if regulators block the deal from

That seems like this deal could get really expensive.

And by the way, Paramount Skydance is only about a $12 billion company today.

So has Larry Ellison just swooped in and said, hey, I'll write a blank check as long as we get this out of the hands of Netflix?

John, Netflix does now get to go back to kind of being what they were.

I agree with you that this was probably a headache that they didn't even really want to take on.

But it was better than creating a new competitor with Warner Brothers Discovery and Paramount combining.

But now we are going to potentially have that competitor.

It's not going to close likely until late this year, maybe even into next year.

But...

Is a Paramount, Skydance, Warner Bros.

Discovery combination going to be a viable competitor to the Netflixes, the Disneys of the world?

We even still have NBC and Peacock out there.

Is this going to be one of the big players?

And do they have the financial wherewithal to do that?

Because this is going to be a company saddled with debt.

That's going to be the next show.

Do you think do either of you think that it's going to be possible in the next, let's say, three to five years that we find some deal between Netflix and Paramount Warner Brothers Discovery, whatever this entity is going to be called, where they go, you know, we're just going to license a bunch of this content that we just acquired to Netflix because Netflix can write us the biggest check.

John.