Simple question for you to start, Rich. What happens next. You know, it is really anyone's guess.You know, we've now got this hostile offer, tender offer from the Olsens and from Paramount. Obviously, shareholders are going to have to, you know, really look at this. I mean, you've got you know, the offers are very different, right.Because one is for just the streaming and studios and you're going to end up with a resulting sort of equity that is the cable network piece. And, you know, depending on how that' ...

From your perspective, is it better to have technology policy from a state level on AI or federal. Well, if you look at all the introduced state laws, there are over a thousand apparently that are out there floating in addition to the ones that have been enacted. They're just so diverse.There are like six or seven buckets of the type of state law, including disclosure mandates, algorithmic discrimination, notice and bias requirements. So you have this matrix of 50 states times six or seven buckets, and that ...

Mergers and Acquisitions Landscape - The potential acquisition of Warner Brothers Discovery (WB) by either Netflix or Paramount Skydance presents different integration challenges, with Netflix being a streaming-first company and Paramount being a traditional media company with streaming services [1][2] - A Netflix-WB merger would involve integrating potentially conflicting businesses, while a Paramount-WB merger would likely result in more predictable outcomes due to greater overlap and redundancies [3][7] - Antitrust considerations exist for either merger scenario [4][15] Subscription and Market Position - Approximately 66% of US adults who subscribe to HBO Max also subscribe to Netflix, while about 40% of HBO Max subscribers also use Paramount Plus [5] - Paramount Plus has approximately 80 million subscribers globally, indicating potential for subscription upside in a merger with WB [5] - Combining Netflix and HBO Max, or Paramount Plus and HBO Max, would still result in a smaller entity than YouTube in the US market [12] Strategic Considerations - A Netflix acquisition of WB could lead to Netflix investing in new businesses, including theatrical releases and external TV licensing [6][7] - Paramount aims to become a top-three media company through consolidation, focusing on long-term value creation and producing more content [7][9][10] - The industry has analysts and professionals who prefer Warner Brothers Discovery to remain independent to maintain competition and avoid layoffs [11] Cable Television Assets - Cable network assets are declining but still generate free cash flow, though Wall Street views them as a liability [13][14] - Warner Brothers Discovery considered spinning off the cable part of the business instead of accepting the $30 billion offer from Paramount Skydance [13] Potential Business Models - If Netflix acquires HBO, HBO could become a premium add-on, similar to Amazon Channels [16] - Netflix could potentially offer its platform to other niche streaming services, similar to Amazon Prime Video Channels and YouTube, generating revenue from subscriptions and advertising [17]

Financial Performance - The company posted a record profitable quarter with revenue growing 14% and profit growing faster at 26% [2] - The company exceeded both EPS and free cash flow guidance [2] - The server segment, inclusive of AI, returned to approximately 10% operating profit in Q4 [12] AI and Order Backlog - The company booked another $2 billion in AI orders [3] - Over 60% of AI orders are in sovereign enterprise [3] - The company has a backlog of over $47 billion [4] Data Center Buildout and Delays - A specific data center project experienced a delay, impacting revenue booking [1] - Data center buildouts are experiencing lumpiness and delays due to a combination of factors, including real estate, power and cooling, and component availability [5][6] - Buildouts involve tens or hundreds of megawatts, and are now moving towards gigawatts, requiring significant time to complete [6][7] Supply Chain and Component Costs - The cost of commodities will be driven by shortages expected in the latter part of 2026, particularly in Indira and NAND [12] - The company has already enacted price increases in November and factored expected cost increases into guidance [12] Technology and Customer Adoption - Customers are interested in getting the choice and flexibility to build data centers the right way [10] - Enterprises are accelerating AI adoption, with use cases in manufacturing, transportation, and healthcare [14][15] - The company announced the first Gallop Helios switch to allow customers to adopt new technology [10] Revenue Guidance - The company affirmed its 17% to 22% revenue growth guidance [5] - The company raised its non-GAAP EPS guidance [5][13]

Bitcoin's decoupling from stocks. What's it telling you. Look, I think without a doubt, the last three weeks have been painful.You know, we've seen one and a half times higher volatility in the last three weeks than we've seen in 2025 total. And a lot of that has to do with a number of things. One, there's implications outside of just macro, which is, you know, more global and geopolitical.And we're seeing a lot of bit of that. We're also seeing, you know, some decoupling into the weekend where we are seein ...

John, with respect, a veteran of the media industry in this country, former president of CNN, a serial founder of media companies, modern day media companies. Lucas talked about what happens next. And the expectation I believe you share this view is that this will go on for many months.There will be challenges along the way in the antitrust context. This is going to be a saga that plays out longer than Game of Thrones did, because, you know, not only do you have shareholder issues, your questions potentiall ...

Did it take you by surprise. By this point. No.It's funny that you ask that. I've spoken with a few different people at Netflix this morning and they all ask me if I was surprised or shocked. And it it's true that they've never done anything like this before.It represents a huge change for the business that, you know, if this deal gets through and I know we may get there, it'll double in size pretty much as soon as they add all these folks. But Netflix has always been a company where you kind of never say n ...

Ambassador. To start, I'd welcome your response to your counterpart, the US Ambassador to the EU. Good morning.I think that what we are discussing right now is non-compliance case and it was a very well summarised as the question about their advertising, their access to the data of that, the access to the to the data for the researchers and the deceptive mark of verified content. So I think that this is really very clear as now the X has a certain amount of dates dates to to prepare the plan of of implement ...

What's interesting about this is. The consumer's general attitude to technology. Right.Am I going to use an AI to every day or am I going to jump headfirst into the metaverse. It's a big share move. But I think what I find interesting about your response is that you don't find it that surprising that there is being a back in the Metaverse initiative. No, I really don't find it surprising.If anything, I think people will wonder why it has why these cuts haven't happened sooner. Because I think, you know, eve ...

You've been doing this for two decades. Automating processes. You're thinking about repetitive administers administration and the tasks you can take away from a human.How are you building an agency into that. Agents are very complementary to our automation engine. We specialized over the year in bringing rule based automations and agents is bringing something that is much more closer to human intelligence.We believe that the key aspect of bringing reliable AI to enterprises is to have a solid foundation of ...