Hello, everyone. This is JVL here with my bulwark colleagues, Catherine Rampel and Sunny Bunch.

And there is big news in Hollywoodland because Warner Brothers, the storied movie studio,

has maybe been sold to Netflix, which like 10 years ago would have been really bad and made Hollywood upset, and

now has Hollywood sort of upset, but for other reasons, because Paramount and Larry Ellison

and his son have maybe missed out on the deal.

It's all very confusing.

And, Sonny, can I just let you set up the story, the state of play, and then we can let Catherine go to town on it? Yeah, the very short

version here is that Paramount Skydance wanted to buy Warner Brothers. They came in and they said,

we're going to pay you $22 a share.

And then it was $25 a, they made a series of private bids to Warner Brothers, all of which were rebuffed.

And then there began an official bidding process. And Netflix was always kind of on the periphery of this.

All the, all the industry watchers that I know of and listen to and talk to are like,

Netflix is just trying to drive the price up. They're not actually interested. This is not their

business. Owning a theatrical first movie studio is not their business. And so I think people were

kind of surprised when it shook out this way. Because the other thing, the other thing to consider here is that

it's not just a movie studio, of course, there are also cable networks, there are parks, there's all

sorts of other elements to this. When Netflix came in with a deal that was worth more just for

Warner Brothers studio than Warner Brothers and the cable companies, The sense is that Warner Brothers has kind of a

fiduciary duty to take that. I think Catherine can handle the actual finances of this better.

But the, but the, but the reason Hollywood is like both kind of freaking out and also kind of like,

well, let's see what happens here is because Netflix has been spending tons and tons of money

in Hollywood over the last decade and a half making new original things. For lack of a nicer way to put it, they don't have to deal with all the Trump shenanigans that are going on with Paramount Sky Nats. Everybody in Hollywood is very nervous about what the Ellisons are doing with Trump. And I think that that is a, that's a big part of this story.

...