This is exchanges at Goldman Sachs where people from our firm share their insights on developments currently shaping markets, industries, and the global economy. I'm Jake Seaward, Global Head of Corporate Communications here at the firm.

Over the past several years, we've seen a dramatic evolution in the media and

telecom industries leading to partnerships never before imagined. To discuss the rise

of everything from skinny bundles to streaming media I'm joined by Michael Ronan and Dave Dassie of the Investment

Banking Division here at Goldman Sachs. Michael, Dave, welcome to the program.

Thank you, Jake. Thanks for having us.

So you talk to a lot of clients in the space, CEOs,

what are you hearing from your clients today,

given all that's happening?

Well, we've had a mixed start for the year

after a very, very strong 2015,

where we've seen a lot of consolidation a lot of

em in activity the year started slow and and with a lot of risk averseness by our

clients that has changed the last several months as our clients realize that with the

current environment, the current interest rates and the ability to transact in size, despite the volatility

and despite the political uncertainty, there's a lot of appetite for risk.

So our clients are focused on continued growth, on finding ways to offset secular declines in some of their businesses. on taking advantage of

advantage of incredibly attractive costs of capital

and trying to continue to grow and transact as long as the music keeps playing.

And so our clients around the world are incredibly engaged and active and are looking for opportunities.

Yeah, I completely agree with that. I think more strategically in terms of what they're thinking about it is, you know, this

personalization of distribution, media, the ability to have a very customized product offering

...