00:00The idea that Paramount potentially going after all of Warner Brothers, not going after it in parts here.
00:06I mean, what's your reaction?
00:08Well, it's funny because I just spent a lot of time with a lot of people who are pretty up there in Hollywood
00:13and trying to get a sense of where the future goes.
00:16And, you know, they were trying to get a sense for me of where technology is going and how this will affect their businesses.
00:22And what I heard from everybody is everybody's very bullish on Paramount Skydance and what Ellison is doing.
00:29And they have sort of unlimited pockets to do stuff.
00:32So when he started looking at Warner Brothers, he wanted just the studios.
00:36But Zaslav has a ton of debt and he can't just sell the studios off, which is the most valuable part, be stuck with the debt and the cable jails.
00:44So he wants to sell the whole thing, but it's got a ton of debt.
00:49It's really expensive to buy Warner Brothers as a whole.
00:52And so what I think Comcast and Netflix are doing now is going to make it really hard for Paramount to do this and very expensive for them
01:00because I don't think they want Warner Brothers at all or they would have tried to buy them earlier.
01:05So, you know, basically Ellison's got himself into a pickle because they know if they let him have Warner Brothers too cheap,
01:12then it's a real competitor to them.
01:14A lot of people in Hollywood think that Ellison and this Paramount Skydance is going to be like the next Disney, you know.
01:21And so people are scared of him and they're going to make it very expensive for him.
01:24And that's why I bought some Paramount and then I just sold it because I don't want to be in this bidding war stuff for assets with tons of debt in a very difficult business right now.
01:33And I think Netflix is the play and that's one of our top holdings.
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