WEBVTT 00:00:00.610 --> 00:00:03.950 Of course we stream once a week and of course 00:00:03.950 --> 00:00:06.629 the day after we stream Thursday at 8 p .m. Pacific 00:00:06.629 --> 00:00:10.589 time big huge news breaks the next day Which 00:00:10.589 --> 00:00:12.310 annoys me because then we can't talk about it 00:00:12.310 --> 00:00:17.750 on stream So We have been talking about and covering 00:00:17.750 --> 00:00:20.170 this story for a while Warner Brothers had said 00:00:20.170 --> 00:00:22.589 hey, we're open to the idea of an acquisition 00:00:22.589 --> 00:00:26.160 yada yada yada And then there was some informal 00:00:26.160 --> 00:00:29.920 bids made by Netflix and Paramount and Comcast. 00:00:30.320 --> 00:00:33.060 And then Paramount sent a really stupid letter 00:00:33.060 --> 00:00:37.280 the day before this was announced to Warner Brothers 00:00:37.280 --> 00:00:40.060 being like, well, there's some shenanigans going 00:00:40.060 --> 00:00:43.079 on and we're close to the administration. Be 00:00:43.079 --> 00:00:46.380 ashamed if anything happened to this deal. Well, 00:00:47.359 --> 00:00:49.740 the deal is happening. And I'm putting that in 00:00:49.740 --> 00:00:54.179 air quotes for right now. December 5th, Netflix 00:00:54.179 --> 00:00:56.020 and Warner Bros. announced that they have come 00:00:56.020 --> 00:00:58.020 into a definitive agreement under which Netflix 00:00:58.020 --> 00:01:00.520 will acquire Warner Bros. including its film 00:01:00.520 --> 00:01:05.140 and television studios, HBO Max and HBO. This 00:01:05.140 --> 00:01:08.319 is from the Netflix press release. The cash and 00:01:08.319 --> 00:01:13.780 stock value of this transaction $7 .75 per share 00:01:13.780 --> 00:01:18.799 for a total enterprise value of $82 .7 billion. 00:01:19.069 --> 00:01:22.700 dollars the deal is expected to close after the 00:01:22.700 --> 00:01:24.840 previously announced separation of WBD's global 00:01:24.840 --> 00:01:26.280 networks division, which is like discovering 00:01:26.280 --> 00:01:28.939 all those channels, into a new publicly traded 00:01:28.939 --> 00:01:31.560 company, which is expected to complete in Q3 00:01:31.560 --> 00:01:36.120 of 2026. So again, we have been talking about 00:01:36.120 --> 00:01:39.219 this one for a long time. We've kind of gone 00:01:39.219 --> 00:01:41.959 back and forth on this. I think privately you 00:01:41.959 --> 00:01:43.599 and I were both kind of hoping Apple was going 00:01:43.599 --> 00:01:46.120 to make kind of an 11th hour offer, given the 00:01:46.120 --> 00:01:47.519 stuff that Apple and Warner Bros. done together 00:01:47.519 --> 00:01:49.659 and Apple has the money. That didn't happen. 00:01:52.129 --> 00:01:54.650 Netflix got them. So just before we get into 00:01:54.650 --> 00:01:57.870 what Netflix is saying, obviously there's been 00:01:57.870 --> 00:01:59.950 a lot of reaction on the internet about this. 00:02:00.349 --> 00:02:02.090 And we don't want, we're not trying to be the 00:02:02.090 --> 00:02:03.469 typical reaction. Like I don't want to just be 00:02:03.469 --> 00:02:09.449 like, this guy is falling. So Jay, first, what 00:02:09.449 --> 00:02:12.750 was your first like reaction when you heard this 00:02:12.750 --> 00:02:14.229 news? And then kind of now that you've simmered 00:02:14.229 --> 00:02:16.389 on it for a second, what is your first thoughts 00:02:16.389 --> 00:02:21.719 about this? Yeah, so my first first reaction 00:02:21.719 --> 00:02:25.319 is like pretty much there are worse companies 00:02:25.319 --> 00:02:31.639 to acquire right like we talked about this a 00:02:31.639 --> 00:02:34.680 Week ago two weeks ago. Like we did not want 00:02:34.680 --> 00:02:40.319 paramount to acquire WB. So that hasn't happened 00:02:40.319 --> 00:02:43.870 yet. Obviously, you know as you mentioned, they 00:02:43.870 --> 00:02:46.250 are really close to the Trump administration. 00:02:46.250 --> 00:02:48.930 So we'll see how that actually plays out. But 00:02:48.930 --> 00:02:53.289 yeah, my initial reaction was like, okay, could 00:02:53.289 --> 00:02:58.469 be worse. Could be worse. Yes. And yeah, we were 00:02:58.469 --> 00:03:00.689 both of the opinion that Paramount getting it 00:03:00.689 --> 00:03:02.949 was bad. Now, again, to clarify both Jay and 00:03:02.949 --> 00:03:06.069 I's kind of general philosophy on consolidation 00:03:06.069 --> 00:03:08.889 and stuff like that. I don't like corporate consolidation. 00:03:09.069 --> 00:03:11.530 I think it's bad for every industry. I think 00:03:11.530 --> 00:03:14.349 Jay agrees with that statement, right? We were 00:03:14.349 --> 00:03:18.669 not fans of anybody acquiring WB, but we also 00:03:18.669 --> 00:03:21.569 live in reality, right? And WB is a publicly 00:03:21.569 --> 00:03:24.469 traded company and these things happen and they 00:03:24.469 --> 00:03:26.150 have a fiduciary duty to their shareholders, 00:03:26.409 --> 00:03:28.530 et cetera, et cetera, et cetera. So as much as 00:03:28.530 --> 00:03:31.569 we would like for them to not be acquired. We 00:03:31.569 --> 00:03:33.110 knew that was not going to happen weeks ago. 00:03:33.189 --> 00:03:36.729 It was going to happen. Paramount's recent moves 00:03:36.729 --> 00:03:38.509 and kind of what Ellison's doing and how close 00:03:38.509 --> 00:03:42.909 they are to the Trump administration. Dick in 00:03:42.909 --> 00:03:44.930 mouth would probably be an appropriate statement 00:03:44.930 --> 00:03:49.330 for what that is. Right. I. Yeah, we didn't want 00:03:49.330 --> 00:03:53.599 that. The the obvious downside to this obviously 00:03:53.599 --> 00:03:56.780 is that Netflix and Ted Sarandos their CEO has 00:03:56.780 --> 00:03:59.639 always been critical of theaters They don't do 00:03:59.639 --> 00:04:01.680 a lot Netflix very rarely releases their stuff 00:04:01.680 --> 00:04:03.080 at theater when they do they do it for short 00:04:03.080 --> 00:04:07.139 stints and it's kind of a gimmick Here's what 00:04:07.139 --> 00:04:10.620 Netflix is saying, okay? And again, this is all 00:04:10.620 --> 00:04:13.379 from their their press release, right? They're 00:04:13.379 --> 00:04:16.660 saying that this this helps Netflix Warner Brothers 00:04:16.860 --> 00:04:19.279 Studios are world class, which I don't think 00:04:19.279 --> 00:04:22.139 you can deny. HBO and HBO Max have an amazing 00:04:22.139 --> 00:04:24.800 brand as far as prestige television going all 00:04:24.800 --> 00:04:27.480 the way back to The Wire, The Sopranos, Sex and 00:04:27.480 --> 00:04:31.259 the City, Game of Thrones, The Last of Us, all 00:04:31.259 --> 00:04:33.680 those shows. They think it gives more choice 00:04:33.680 --> 00:04:36.759 and greater value. They think it will help the 00:04:36.759 --> 00:04:39.620 entertainment industry. That's debatable. More 00:04:39.620 --> 00:04:41.519 opportunities for the creative community. Again, 00:04:41.779 --> 00:04:44.040 debatable and more value for shareholders. Of 00:04:44.040 --> 00:04:47.850 that, I am I have no doubt. More value for the 00:04:47.850 --> 00:04:53.689 shareholders, I'm sure. Let's take the optimistic 00:04:53.689 --> 00:04:56.990 view. What Sarandos has said is that Warner Brothers 00:04:56.990 --> 00:05:01.170 will continue operating independently, right? 00:05:02.269 --> 00:05:04.810 They've said that the creative teams like DeLuca 00:05:04.810 --> 00:05:07.290 and Abdi, James Gunn and Peter Safran, et cetera, 00:05:07.750 --> 00:05:12.699 will stay in place, right? Which is good. I think 00:05:12.699 --> 00:05:15.480 that those are good moves. We also covered this 00:05:15.480 --> 00:05:17.199 earlier this year. Warner Brothers set records 00:05:17.199 --> 00:05:21.439 this year. Warner Brothers had how many how many 00:05:21.439 --> 00:05:30.660 films over 40 million in a row? Seven consecutive 00:05:30.660 --> 00:05:32.920 films this year that opened to more than 40 million 00:05:32.920 --> 00:05:36.819 dollars at the at the box office. Right. Everything 00:05:36.819 --> 00:05:39.470 from Minecraft to Superman to Conjuring. opened 00:05:39.470 --> 00:05:41.910 above 40 million dollars, weapons opened above 00:05:41.910 --> 00:05:47.910 40 million dollars. So the the the the non pessimistic 00:05:47.910 --> 00:05:50.750 view of this is and I think, Jay, you would agree 00:05:50.750 --> 00:05:52.790 with this. Netflix doesn't know how to make movies. 00:05:56.689 --> 00:06:00.310 Their movies are terrible. And they overspend 00:06:00.310 --> 00:06:02.629 on that electric state movie with Chris Pratt 00:06:02.629 --> 00:06:06.930 was 300 million dollars they spent on that. That's 00:06:06.930 --> 00:06:10.860 ridiculous. What was the other one? They're just 00:06:10.860 --> 00:06:14.100 not good at making movies, okay? They also have 00:06:14.100 --> 00:06:16.000 never had a distribution pipeline, so even if 00:06:16.000 --> 00:06:17.000 they would have wanted to put it in theaters, 00:06:17.120 --> 00:06:18.680 they don't know how to do it. What they're getting 00:06:18.680 --> 00:06:21.279 with Warner Brothers is a distribution pipeline 00:06:21.279 --> 00:06:26.519 and a whole big history of successful film. So, 00:06:26.800 --> 00:06:31.779 to me, the optimistic view is that Sarandos is 00:06:31.779 --> 00:06:34.180 going, look. We don't know how to release movies 00:06:34.180 --> 00:06:36.000 in theaters. We know that people want us to do 00:06:36.000 --> 00:06:38.100 it They'd already Netflix had made the deal with 00:06:38.100 --> 00:06:40.100 Greta Gerwig that Narnia movies coming out in 00:06:40.100 --> 00:06:43.079 theaters Right now that you add Warner Brothers 00:06:43.079 --> 00:06:45.300 to that mix. What does that change for that movie, 00:06:45.300 --> 00:06:50.839 right? There's so that's the optimistic views 00:06:50.839 --> 00:06:52.720 that they that Netflix is looking at this and 00:06:52.720 --> 00:06:56.139 going we don't know how to do this So instead 00:06:56.139 --> 00:06:59.319 of trying to invent it whole cloth we're gonna 00:07:00.939 --> 00:07:02.920 We're going to buy somebody who knows how to 00:07:02.920 --> 00:07:06.680 do it. The other optimistic view of this is that 00:07:06.680 --> 00:07:10.660 they're not killing a studio. If Paramount and 00:07:10.660 --> 00:07:13.100 Warner Brothers merge or Comcast Universal and 00:07:13.100 --> 00:07:15.220 Warner Brothers merge, we're down one more studio. 00:07:15.540 --> 00:07:17.740 That's one less of the major studios. Netflix 00:07:17.740 --> 00:07:20.720 is in a studio, not really. And so we didn't 00:07:20.720 --> 00:07:24.199 lose anything from that perspective. What are 00:07:24.199 --> 00:07:26.439 your thoughts on that kind of like that optimistic 00:07:26.439 --> 00:07:32.819 view? Yeah. I 100 % agree with that. I'm also 00:07:32.819 --> 00:07:36.319 trying to real quick, I'm going to pull up an 00:07:36.319 --> 00:07:42.379 example that I learned about an NBA school. Yes, 00:07:42.379 --> 00:07:47.240 so I, I do agree with that. And also, it's not 00:07:47.240 --> 00:07:49.500 uncommon for companies to buy other companies 00:07:49.500 --> 00:07:52.319 and then just, they might change their process 00:07:52.319 --> 00:07:54.699 and procedures to make them more efficient or 00:07:54.699 --> 00:07:57.379 profitable, but They keep that company running 00:07:57.379 --> 00:08:00.500 in place. So, for instance, if you pull up a 00:08:00.500 --> 00:08:03.879 chart of who owns what beer companies, you'll 00:08:03.879 --> 00:08:06.819 see that the same company that owns Bush Light, 00:08:07.160 --> 00:08:12.259 Natural Light, Bud Light, like they're all owned 00:08:12.259 --> 00:08:16.399 by the same company. A .B. and Beth. Yep. And 00:08:16.399 --> 00:08:18.959 then also Modelo is owned by the same company 00:08:18.959 --> 00:08:22.360 that owns Pacifico and Corona. Like it's very 00:08:22.360 --> 00:08:26.149 common. And I think Netflix isn't going to Acquire 00:08:26.149 --> 00:08:29.209 WB and then just kill WB just not have them release 00:08:29.209 --> 00:08:31.329 movies on the movie theater I think they're going 00:08:31.329 --> 00:08:35.929 to acquire net acquire WB and then just let WB 00:08:35.929 --> 00:08:38.470 continue operating But then they have their funnel 00:08:38.470 --> 00:08:42.309 to get their movies into theaters and and also 00:08:42.309 --> 00:08:44.990 funnel everything to Netflix, right? You're never 00:08:44.990 --> 00:08:47.190 gonna see a Warner Brothers movie on peacock 00:08:47.190 --> 00:08:51.029 ever again I'm joking mostly about that. Those 00:08:51.029 --> 00:08:56.529 guys cross -pollinate all the time Okay So that's 00:08:56.529 --> 00:08:58.990 kind of the optimistic view. Now the other thing 00:08:58.990 --> 00:09:02.210 that we gotta look at is, is this gonna actually 00:09:02.210 --> 00:09:04.590 happen? Because yes, while the deal has been 00:09:04.590 --> 00:09:06.730 announced, the other thing that nobody's talking 00:09:06.730 --> 00:09:12.269 about is, will this deal actually happen? So 00:09:12.269 --> 00:09:14.590 Jay, you've got some notes about the next steps, 00:09:15.169 --> 00:09:19.500 right? So run us through the next steps. Yeah, 00:09:19.759 --> 00:09:24.159 so they do have to do what is called an HSR filing 00:09:24.159 --> 00:09:27.659 with the Department of Justice Then the Department 00:09:27.659 --> 00:09:30.659 of Justice has 30 days to do an initial review 00:09:30.659 --> 00:09:33.159 and most likely they're going to file for an 00:09:33.159 --> 00:09:35.720 extended review And then all they have to do 00:09:35.720 --> 00:09:38.399 is just sit on their hands. They can sit on their 00:09:38.399 --> 00:09:41.419 hands for a year or longer They don't have to 00:09:41.419 --> 00:09:45.960 do anything with it And why would they do that? 00:09:46.120 --> 00:09:48.240 There's a lot of people looking at this deal 00:09:48.399 --> 00:09:51.559 So you have traditional old Hollywood that doesn't 00:09:51.559 --> 00:09:54.360 like this deal. You have the Ellison's, obviously 00:09:54.360 --> 00:09:57.860 the Trump administration. You got actors, you 00:09:57.860 --> 00:10:00.580 got state attorney generals who are looking at 00:10:00.580 --> 00:10:04.220 this from a consumer perspective. And right now, 00:10:04.220 --> 00:10:06.799 I think everyone's trying to decide like who 00:10:06.799 --> 00:10:11.559 is on what side. And also keep in mind a co -founder 00:10:11.559 --> 00:10:15.919 of Netflix, Reed Hastings. Hastings. Hastings. 00:10:16.220 --> 00:10:19.940 It has been very anti Trump and has put a lot 00:10:19.940 --> 00:10:23.139 of money and support into governor Newsom So 00:10:23.139 --> 00:10:25.259 and you can you can see this in this initial 00:10:25.259 --> 00:10:27.480 news report from CNBC where it was breaking. 00:10:27.519 --> 00:10:31.059 We'll show you that now We got regulation to 00:10:31.059 --> 00:10:32.940 worry about and approvals not just here in the 00:10:32.940 --> 00:10:35.179 states, but elsewhere Let's bring in Amon Javer's 00:10:35.179 --> 00:10:37.899 David stick around Amon as for the president 00:10:37.899 --> 00:10:40.220 Whether he wants to disrupt this deal and we 00:10:40.220 --> 00:10:43.019 know about his ties to Ellison's father talk 00:10:43.019 --> 00:10:46.659 a bit about that, too Yeah, Carl, we're getting 00:10:46.659 --> 00:10:49.200 some news here our first reaction now from the 00:10:49.200 --> 00:10:51.700 administration I was just in contact moments 00:10:51.700 --> 00:10:54.360 ago with a senior administration official who 00:10:54.360 --> 00:10:56.419 tells me that the administration's view of this 00:10:56.419 --> 00:10:59.559 deal can be characterized as heavy skepticism 00:10:59.559 --> 00:11:04.399 So even if even if they want this deal to go 00:11:04.399 --> 00:11:05.940 through you're right they can sit on this for 00:11:05.940 --> 00:11:09.809 a year now Do I personally think that Ted Sarandos 00:11:09.809 --> 00:11:13.250 and David Zaslav will show up at the Oval Office 00:11:13.250 --> 00:11:16.210 bearing out a white Netflix or gold Netflix logos 00:11:16.210 --> 00:11:19.129 and give them to the president? Yeah. And we've 00:11:19.129 --> 00:11:20.789 talked about this a lot. Trump listens to whoever 00:11:20.789 --> 00:11:24.830 the last guy that talked to him was. And yeah, 00:11:24.909 --> 00:11:27.230 I'm sure this is pissing the Ellisons off. I'm 00:11:27.230 --> 00:11:30.009 sure they're going to sue over this. So again, 00:11:30.009 --> 00:11:32.429 you have the HSR, which is a 30 -day, then they 00:11:32.429 --> 00:11:34.009 go, OK, we actually need more than 30 days to 00:11:34.009 --> 00:11:37.370 look at an $82 billion deal. They do the extender 00:11:37.370 --> 00:11:41.009 review. And then if the Ellison's and or Comcast 00:11:41.009 --> 00:11:43.610 Universal decide to sue Netflix and Warner Brothers 00:11:43.610 --> 00:11:48.909 over the process, then this. Then if the Federal 00:11:48.909 --> 00:11:51.470 Trade Commission goes, no, you can't do it, then 00:11:51.470 --> 00:11:54.590 Warner Brothers and Netflix sues the DOJ and 00:11:54.590 --> 00:11:57.029 the Federal Trade Commission. And that one probably 00:11:57.029 --> 00:11:59.440 has to go all the way to SCOTUS. to determine 00:11:59.440 --> 00:12:03.740 if it's an antitrust violation. That being said, 00:12:03.740 --> 00:12:05.500 under any other administration, I'd be like, 00:12:05.519 --> 00:12:07.639 yeah, you might get him on antitrust. The thing 00:12:07.639 --> 00:12:09.980 I think saves this from antitrust is the thing 00:12:09.980 --> 00:12:12.899 that would have killed it if Paramount or Universal 00:12:12.899 --> 00:12:16.519 got it, which is you're already movie studios. 00:12:17.740 --> 00:12:21.179 Netflix has a strong argument from a trade perspective, 00:12:21.259 --> 00:12:24.879 from an FTC antitrust perspective to say, we're 00:12:24.879 --> 00:12:26.960 not like the other guys. We're a tech platform, 00:12:27.139 --> 00:12:30.409 man. That's what we are. And so we're going to 00:12:30.409 --> 00:12:36.269 acquire a studio now. I'm with you, A, even at 00:12:36.269 --> 00:12:38.929 the soonest that Netflix is saying, Netflix is 00:12:38.929 --> 00:12:44.509 saying Q3, 2026. So almost a year from now. Then 00:12:44.509 --> 00:12:47.509 you've still got the Federal Trade Commission, 00:12:47.629 --> 00:12:49.950 the Department of Justice, the Antitrust Division, 00:12:50.070 --> 00:12:52.389 the Department of Justice, the Trump administration, 00:12:52.470 --> 00:12:54.710 and everybody else who's going to stick their 00:12:54.710 --> 00:12:58.350 fingers in this whole thing. And so while it's 00:12:58.350 --> 00:13:00.389 interesting that this deal has been made, right? 00:13:00.470 --> 00:13:03.789 A, I don't think there's any guarantee it's going 00:13:03.789 --> 00:13:09.029 to happen. Do you? No. And I do want to go back 00:13:09.029 --> 00:13:11.250 and touch on a point that you you actually brought 00:13:11.250 --> 00:13:15.169 up about free trade. If this trade does not go 00:13:15.169 --> 00:13:18.929 through, this actually impacts free trade by 00:13:18.929 --> 00:13:24.409 a lot. I mean, from my understanding, Paramount 00:13:24.409 --> 00:13:30.730 offered less But also wanted CNN Netflix offered 00:13:30.730 --> 00:13:37.509 more without CNN So for them to go back and say 00:13:37.509 --> 00:13:39.490 like Netflix isn't going to get this deal and 00:13:39.490 --> 00:13:41.669 then it should go to Paramount is I think this 00:13:41.669 --> 00:13:45.590 is hugely like disturbing for the open market 00:13:45.590 --> 00:13:48.490 It is especially given the moose and this is 00:13:48.490 --> 00:13:50.129 one of the reasons you and I talked about we 00:13:50.129 --> 00:13:53.419 didn't want Paramount to get it Was when they 00:13:53.419 --> 00:13:56.340 acquired when when Skydance acquired Paramount? 00:13:56.340 --> 00:13:58.720 Ellison made some very controversial moves over 00:13:58.720 --> 00:14:02.080 at the CBS News division By putting Barry Weiss 00:14:02.080 --> 00:14:04.759 in charge of the CBS News division and there's 00:14:04.759 --> 00:14:06.799 been some questions about what's going on over 00:14:06.799 --> 00:14:08.820 there right now to the point where and we talked 00:14:08.820 --> 00:14:13.039 about this to the WGA which also represents on 00:14:13.039 --> 00:14:15.320 -air news people was like they were getting emails 00:14:15.320 --> 00:14:18.120 from Barry Weiss going what do you do very dogey 00:14:18.120 --> 00:14:23.259 emails and And and the WGA was like, don't answer 00:14:23.259 --> 00:14:26.360 those emails. Don't. Not until we know what's 00:14:26.360 --> 00:14:35.700 going on. Right. So, yeah, I'm. Top of my head, 00:14:35.879 --> 00:14:38.139 I still think it's a coin flip whether this deal 00:14:38.139 --> 00:14:44.480 goes through. Yeah. Obviously, the Ellison's 00:14:44.480 --> 00:14:46.460 are going to try to cancel it. They're in line 00:14:46.460 --> 00:14:49.590 with. the Trump administration. So I agree. I 00:14:49.590 --> 00:14:51.730 think it is. But I think Trump can be bribed 00:14:51.730 --> 00:14:53.769 by Netflix and Warner Brothers if they really 00:14:53.769 --> 00:14:57.210 want to do it. Yeah, that's that's also true. 00:14:59.409 --> 00:15:02.429 So, yeah, it's not. This is really interesting. 00:15:02.590 --> 00:15:06.169 You know, it's the announcement was made, but 00:15:06.169 --> 00:15:08.490 then like nothing is really set in stone as of 00:15:08.490 --> 00:15:14.889 right now. So. As as is normal. Right. These 00:15:14.889 --> 00:15:17.090 deals are not small. It's not like buying a house, 00:15:17.090 --> 00:15:19.210 you know, where you're closed in 45 days. This, 00:15:19.250 --> 00:15:21.889 you know, again, this is minimum a year from 00:15:21.889 --> 00:15:27.289 now. Now, again, on the on the pessimistic, you 00:15:27.289 --> 00:15:30.769 know, it is Netflix. Is it possible that Netflix 00:15:30.769 --> 00:15:32.429 is going to pull a Disney and what they just 00:15:32.429 --> 00:15:34.730 did with Hulu and just completely subsume HBO 00:15:34.730 --> 00:15:37.070 into their platform? Yeah, I think it's possible. 00:15:37.549 --> 00:15:39.450 Is it possible that Netflix, using the way that 00:15:39.450 --> 00:15:41.850 they have now, reduces the theatrical window 00:15:41.850 --> 00:15:44.909 from 45 to 30 days or even 15 days? Yeah, I think 00:15:44.909 --> 00:15:48.990 that's a problem. I don't want to downplay the 00:15:48.990 --> 00:15:52.289 people who are concerned about this move, right? 00:15:52.830 --> 00:15:55.039 Because there are... There are concerns to be 00:15:55.039 --> 00:15:58.580 had. And a lot of the optimistic side is you 00:15:58.580 --> 00:16:01.279 don't think Ted Sarandos is full of shit, which 00:16:01.279 --> 00:16:08.179 is debatable at best. Wouldn't you agree? Yeah, 00:16:08.740 --> 00:16:13.370 100 percent. I do agree. So. Obviously, we've 00:16:13.370 --> 00:16:15.129 been covering this one for a while. We'll continue 00:16:15.129 --> 00:16:17.090 covering the story. If you want to see more about 00:16:17.090 --> 00:16:19.629 it, we stream every Thursday at 8 p .m. Pacific 00:16:19.629 --> 00:16:21.590 Time right here on our YouTube channel or over 00:16:21.590 --> 00:16:24.769 on twitch .tv slash error code show so you can 00:16:24.769 --> 00:16:26.330 get our live stuff. If you want to interact with 00:16:26.330 --> 00:16:28.309 us directly, you can interact with us directly 00:16:28.309 --> 00:16:30.269 right there. But we're curious what you have 00:16:30.269 --> 00:16:32.929 to say about this. Is it a good thing? Is it 00:16:32.929 --> 00:16:34.490 a bad thing? Are we blowing everything out of 00:16:34.490 --> 00:16:37.029 proportion? Do we even think it's going to happen? 00:16:38.110 --> 00:16:42.679 Right. Who knows? Let us know what you think 00:16:42.679 --> 00:16:43.980 in the comments below.