00:00The section of the investor base that basically thinks Netflix should walk away, look at the
00:05regulatory road ahead. They look at the integration risk and then like what Netflix is, a big global
00:11technology company, as opposed to being something sort of micro-focused on Hollywood. Right. And so
00:18answer those investors, right? You know, why are they wrong that actually there is a longer list
00:25of reasons to walk away than stick with it at this juncture? Well, this deal offers great value to
00:31the Warner Bros. Discovery shareholders. It offers great long-term value to Netflix. We have a normal
00:38regulatory path ahead. There's nothing uniquely challenged about that process. We are about in
00:43the middle of it with the DOJ, with the European regulators, with regulators all around the world
00:48and with the state's attorney general. This is a process that we're very confident that we're going
00:53to navigate. And in fact, I'd say, again, when you look at the deals that are out there,
00:58I think people would like the status quo. And we have a long history of running the business well
01:04and pivoting when it's time to and adding new business lines to the business that people get
01:09upset about sometimes. And then when we do it successfully, they're thrilled. I think advertising
01:13probably is the most recent example. Live could be a more recent example. Some of our live sporting
01:19events could be a more recent example of things that have been tidbits in the business that have
01:24gone on to grow the business very well and people are very happy about it. People don't like change.
01:29They don't like any degree of uncertainty sometimes. And anytime there's a new deal, there is regulatory
01:34scrutiny. There is execution risk, all of those things. But we are highly confident that we're going
01:40to bring this deal close and that we're going to successfully integrate the business. And I think
01:45about it as the reason why we're all talking about these deals so much is that we've granted
01:51the seven-day window to get some clarity about the Paramount deal because Paramount has been out
01:56spreading a lot of misinformation to shareholders, into the markets, into regulators, in ways that have
02:02run the narrative to a state of confusion. We're trying to say, well, take seven days and get some
02:07clarity. Because what we believe is, and what the Warner Brothers Discovery Board agrees with us on
02:14as well, is that our deal is a superior deal. We believe it's good for them. We know it's good
02:18for
02:18us. And we're excited about getting it done.
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