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Amazon, Google Probed by FTC Over Search Advertising Practices · Bloomberg Intelligence

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  Speaker 2: There was a headline today about how Amazon and Google
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  Speaker 2: are being probed by the Federal Trade Commission on their
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  Speaker 2: search advertising practices.
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  Speaker 3: This is according to.
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  Speaker 2: Bloomberg reporting, citing people who are familiar with the matter.
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  Speaker 2: So we need to bring in Justin Treesi. He is
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  Speaker 2: the anti trust litigation and policy analyst here for us
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  Speaker 2: at Bloomberg Intelligence. Justin just walk us through what these
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  Speaker 2: headlines mean to you when you look at it through
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  Speaker 2: your anti trust lens.
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  Speaker 4: Hi Scarlett, Happy Friday to you. So interestingly enough, here
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  Speaker 4: in this case, it really looks like more of a
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  Speaker 4: consumer protection investigation, not an anti trust kind of investigation.
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  Speaker 4: So what I mean by that here is that we're
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  Speaker 4: really looking at the pricing and the terms that perhaps
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  Speaker 4: were set forth by Amazon and by Google in their
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  Speaker 4: workings with advertisers, and when the or not that pricing
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  Speaker 4: and those terms was misleading in any way, So a
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  Speaker 4: different kind of series of facts here from what we're
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  Speaker 4: seeing in the anti trust cases route advertising, with a
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  Speaker 4: big one coming up in about a week the Remedies
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  Speaker 4: trial and the Google ad Tech case starts in Virginia
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  Speaker 4: very soon. More risk there, if you ask me. But
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  Speaker 4: this one here really focused on those pricing policies. It
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  Speaker 4: looks like at those companies and the remedies here are
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  Speaker 4: probably nowhere near the kind of breakup risk that we
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  Speaker 4: would see in a more antitrust aligned case.
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  Speaker 5: That's what I was going to ask justin is whether
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  Speaker 5: or not you know this makes the case to bolsters
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  Speaker 5: the case to break up these tech giants. I also
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  Speaker 5: want to make clear that these allegations are now different
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  Speaker 5: from what both Google and Amazon are facing. They're facing
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  Speaker 5: trials this month, right with separate lawsuits brought by federal agencies.
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  Speaker 6: Yep, that's right.
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  Speaker 4: So you're hit the nail on the head there too.
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  Speaker 4: This is really more related to search issues and search advertising, which,
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  Speaker 4: interestingly enough, that's what we just had that huge remedies
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  Speaker 4: ruling on in the Google search case, right. And in
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  Speaker 4: that case, there was a lot of discussion in the
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  Speaker 4: remedies about increasing transparency and pricing for the text based
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  Speaker 4: search ads, right, So one could actually say a lot
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  Speaker 4: of those remedies are already on their way to being
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  Speaker 4: implemented as part of that ruling Number one. Number two, Yeah, absolutely,
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  Speaker 4: the Google case that's pending, that's about open web advertising
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  Speaker 4: on websites, you know, little ads you see when you
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  Speaker 4: might go to Bloomberg dot com or CNN dot com
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  Speaker 4: for example, that pop up on the side, separated apart
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  Speaker 4: from search ads. And then the Amazon trial coming up
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  Speaker 4: this month that's about Amazon Prime terms, right, and whether
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  Speaker 4: or not there was misleading kind of behavior and how
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  Speaker 4: that was sold to consumers.
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  Speaker 2: We should note that the FDC and Google declined to
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  Speaker 2: comment on our reporting in Amazon did not respond to
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  Speaker 2: requests for comment. So justin when you look at all
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  Speaker 2: of this, what does this mean in terms of how
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  Speaker 2: much of an overhang this will be for the companies?
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  Speaker 2: Is this something that's going to be a month long
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  Speaker 2: investigation or months long maybe years long investigation?
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  Speaker 7: Right?
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  Speaker 4: And I think the latter definitely scarlet right, So I
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  Speaker 4: think just now you know, and great reporting by the way,
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  Speaker 4: as usual by our colleagues Leahoniland and Josh Cisco over
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  Speaker 4: at Bloomberg News. But I would say, you know, we're
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  Speaker 4: really early on here, I think, is the story if
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  Speaker 4: they're just starting to look into these these allegations, These
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  Speaker 4: things can take years absolutely to pan out. A lot
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  Speaker 4: of times there's no case that's even broad at the
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  Speaker 4: end of them. It's really about ascertaining the facts, figuring
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  Speaker 4: out what, if anything, happened, and moving on from there.
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  Speaker 4: So I don't think we'll see any more announcements from
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  Speaker 4: the FTC about how this is proceeding either. Typically all
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  Speaker 4: of this is confidential, so as it moves forward, we
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  Speaker 4: may or may not see updates that come out, you know,
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  Speaker 4: in different ways about the case. But it's a long
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  Speaker 4: term risk absolutely.
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  Speaker 5: Is this just another example though, of how the Trump
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  Speaker 5: administration is deal with big tech? Do you think justin.
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  Speaker 4: Yeah, you know, I find this a little interesting too, right,
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  Speaker 4: So I think, you know, you look back to the
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  Speaker 4: AI Action Plan that came out earlier in the summer,
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  Speaker 4: and you know, in that plan language the White House said, hey, FTC,
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  Speaker 4: stay away from investigations that might inhibit the growth of
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  Speaker 4: AI in any way. So that leads me to believe,
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  Speaker 4: you know, are we looking to areas like advertising as
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  Speaker 4: a car veut from that messaging, right, are we looking
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  Speaker 4: to different areas of tech there there might be a
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  Speaker 4: problem that falls out of that.
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  Speaker 6: Ambit of AI.
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  Speaker 4: But it seems like, you know, and there is that
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  Speaker 4: whiplash right where the White House might have one statement
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  Speaker 4: on things and there might be a visit to the
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  Speaker 4: White House right by certain CEOs on the other hand,
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  Speaker 4: But then you said the FTC file pursuing an investigation
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  Speaker 4: like this, So there certainly is a back and forth.
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  Speaker 4: But I would say if it doesn't fall within the
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  Speaker 4: ambit of AI, there's still is a possibility and some
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  Speaker 4: risk that things could be subject to investigations.
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  Speaker 2: Okay, so very much moving goalposts and a TBD kind
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  Speaker 2: of scenario. Justin you and Jennifer Ree, who's our senior
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  Speaker 2: litigation analysts, have also done some research on Live Nation
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  Speaker 2: and how its dominance in events is at risk because
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  Speaker 2: of a lawsuit. And this is a lawsuit that will
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  Speaker 2: is scheduled to lead to an antitrust jury trial that
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  Speaker 2: will begin I think in the first quarter.
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  Speaker 3: Just walk us through what we'd need to know there.
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  Speaker 4: Yeah, So alter for Jennifer on the nuts and bolt
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  Speaker 4: of that particular case, she's been following from the start,
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  Speaker 4: she's really been knee deep in that litigation. But what
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  Speaker 4: I will say is that it's not just the courts
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  Speaker 4: we're looking at here from the aspect of ticketing right
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  Speaker 4: Really recently, we've seen legislation introduced at the federal and
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  Speaker 4: state levels where we're looking at the secondary marketplace for
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  Speaker 4: ticketing too, and what's happening there things like increased price
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  Speaker 4: price transparency for consumers when they're going through that ticket
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  Speaker 4: purchasing process, a whole host of issues there, but perhaps
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  Speaker 4: capping the fees that are allowed on the secondary sale
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  Speaker 4: of tickets. So there's a lot happening in that particular area.
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  Speaker 4: You're right, there is a monopolization suit that precedes next spring,
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  Speaker 4: and I think that's going to be a really you know,
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  Speaker 4: bet the company kind of litigation in many ways for
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  Speaker 4: Live Nation. But there also is this kind of political
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  Speaker 4: risk that's out there too, really more focused, I would say,
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  Speaker 4: on those secondary resale tickets, ticket resellers, you know what, I'm.
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  Speaker 5: Curious, So have consumers really felt the difference yet when
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  Speaker 5: it comes to ticketing and pricing regarding Live Nation. I mean,
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  Speaker 5: I know they're sort of embroiled in a lot of a.
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  Speaker 3: Lot of lawsuits.
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  Speaker 4: Actually, sure, I'd say probably not yet, right. I think
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  Speaker 4: we saw some activity around a class action case just
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  Speaker 4: really recently there. But you know, the FTC's rule mandating
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  Speaker 4: these price transparency issues for consumers when they're in that
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  Speaker 4: kind of ticket prison purchasing process that just wanted to
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  Speaker 4: effect a few months ago, right, So, really it's a
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  Speaker 4: trickle out, trickle down here, a slow moving kind of
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  Speaker 4: issue here with politics and with litigation, and of course,
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  Speaker 4: you know, we haven't even gotten to the liability phase
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  Speaker 4: of that Live Nation trial, much less remedies that would
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  Speaker 4: be imposed if there were a finding of liability in
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  Speaker 4: that case. Right, So, I think we're at the beginning
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  Speaker 4: of a lot of activity, but certainly no real outcomes
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  Speaker 4: are developing just yet.
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  Speaker 2: I mean, I'm a very imperfect example of you know
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  Speaker 2: what you see when you actually try to buy tickets,
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  Speaker 2: But I've noticed when I do try to buy tickets
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  Speaker 2: on secondary markets, there's a lot more text about how
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  Speaker 2: this is. You know, every single fee included, so we're
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  Speaker 2: not going to add anything more to your final price tag.
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  Speaker 2: And that's something that's only really started to roll out,
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  Speaker 2: I would see in the last couple of months.
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  Speaker 4: Yep, you're right, and that's the FTC rule right there
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  Speaker 4: in play right. You're seeing them with ticketing applications. We're
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  Speaker 4: also seeing that in kind of travel travel websites as well,
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  Speaker 4: right where you kind of get to the checkout page
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  Speaker 4: and wait a minute, there's all these fees for things
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  Speaker 4: like baggage that maybe you didn't know about upfront when
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  Speaker 4: you saw the fairs. So that's kind of how those
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  Speaker 4: are rolling out there too. And i'd say to your point,
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  Speaker 4: that's really the impact you've had so far on the consumer.
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  Speaker 4: More likely yet to come.
• 7:45
  Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
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  Speaker 5: Lots of news in tech, Adobe's earnings beat open AI
• 8:11
  Speaker 5: closer to becoming a for profit company. Want to break
• 8:14
  Speaker 5: some of this down now with any rog Rana Bloomberg
• 8:16
  Speaker 5: Intelligence technology analysts coming to us from our Chicago bureau.
• 8:19
  Speaker 5: So a rog, let's break down Adobe first, because I
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  Speaker 5: know it was sort of the step child of the
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  Speaker 5: AI craze for a long time. But I think with
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  Speaker 5: this earnings report it sort of has Wall Street rethinking.
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  Speaker 6: That, Yeah, I know, it's still the stepchild. It's still
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  Speaker 6: not up.
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  Speaker 7: I mean you could see that, you know, imagine what
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  Speaker 7: would have happened even if they would have missed the numbers.
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  Speaker 6: So this is definitely the one that.
• 8:40
  Speaker 7: Has the biggest AI cloud in terms of being disrupted.
• 8:44
  Speaker 7: And it's going to take some multiple quarters like this
• 8:47
  Speaker 7: for people to get comfortable with the story.
• 8:49
  Speaker 6: I think last night they showed.
• 8:50
  Speaker 7: Really good numbers, really good AI adoption, but they really
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  Speaker 7: have to do continue to do that for a long
• 8:55
  Speaker 7: period of time.
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  Speaker 3: I think you hit it on the hit the nail
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  Speaker 3: on the head.
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  Speaker 2: That's going to take multiple quarters of this to convince
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  Speaker 2: Wall Street that this is a story where Adobe has
• 9:04
  Speaker 2: figured out AI and how to monetize off of it.
• 9:08
  Speaker 2: Up until this point, and until very recently, it feels
• 9:11
  Speaker 2: like investors were souring on app software makers. Why is
• 9:14
  Speaker 2: that and how does Adobe's results start to push back
• 9:17
  Speaker 2: against that idea?
• 9:19
  Speaker 7: See there again that Halo is not going to again
• 9:22
  Speaker 7: go for multiple quarters. The concept is very simple because
• 9:25
  Speaker 7: of large language models, you can spin up a software
• 9:28
  Speaker 7: very quickly, which means if you do not, you don't
• 9:31
  Speaker 7: need to go to app software vendors. You know, whether
• 9:34
  Speaker 7: it's be salesforce, workday, or any any function that you're
• 9:37
  Speaker 7: looking at where your large language model can do for it.
• 9:40
  Speaker 7: We think it's a bit false narrative over there, but
• 9:43
  Speaker 7: it's going to take some time again for people to
• 9:45
  Speaker 7: get comfortable. We think it is not going to be
• 9:47
  Speaker 7: easy to get rid of the system of record for finance,
• 9:51
  Speaker 7: for HR for sales. People are not just going to
• 9:54
  Speaker 7: get rid of those software and just put in a
• 9:57
  Speaker 7: prompt and let you know, let somebody take care of it.
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  Speaker 7: So but again, the software industry is declining right now.
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  Speaker 7: That is not tied to AI. But that has to
• 10:05
  Speaker 7: do with macro spending being bad, the overall economy being
• 10:08
  Speaker 7: bad when it comes to enterprise IT spending. So I
• 10:11
  Speaker 7: think those are the two opposing factors that are happening there. Oracle,
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  Speaker 7: I mean Adobe's results do help them a little bit,
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  Speaker 7: but I think it's going to be multiple years before
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  Speaker 7: we get comfortable with that.
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  Speaker 5: And Eric, I want to switch gears and talk a
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  Speaker 5: little open AI because we know the company is trying
• 10:26
  Speaker 5: to move closer to becoming a for profit company. We
• 10:30
  Speaker 5: know that it is, you know, facing criticism from Elon Musk,
• 10:34
  Speaker 5: who's accusing the company of defrauding investors about its commitment
• 10:37
  Speaker 5: to its charitable mission. Just tell us how this might work,
• 10:40
  Speaker 5: How might this conversion work?
• 10:43
  Speaker 7: Yeah, so again we don't have any details of what happened,
• 10:45
  Speaker 7: but the only good thing is that Microsoft and Opening
• 10:48
  Speaker 7: I have in principle agreed that they will move forward
• 10:51
  Speaker 7: with this. The question, you know, for us, the biggest
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  Speaker 7: thing is will Microsoft still have access to open aiyes,
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  Speaker 7: you know, top of the line mode models or not.
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  Speaker 6: So that's the biggest thing.
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  Speaker 7: And second, what kind of revenue shared they will have
• 11:05
  Speaker 7: with Microsoft on the inferencing side, so when people are
• 11:08
  Speaker 7: using more chat GPT, whether that operation will run on
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  Speaker 7: Microsoft Cloud or not. So those are the things if
• 11:15
  Speaker 7: and we think Microsoft will be willing to give some
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  Speaker 7: equity for these kinds of deals for these two factors,
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  Speaker 7: and you know that would be in the best interest
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  Speaker 7: of Microsoft sharedholders.
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  Speaker 2: Let me ask you presently as that John had mentioned,
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  Speaker 2: which is about Apple delaying the launch of its new
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  Speaker 2: iPhone Air in mainland China. These are regulatory approval issues
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  Speaker 2: that are holding that up. Is that on the side
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  Speaker 2: of the US or on the side of China. And
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  Speaker 2: how big of a knock is this for on Apple's
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  Speaker 2: revenue line.
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  Speaker 7: Yeah, it sounds like it's more from the you know,
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  Speaker 7: the China side of it. Now, the big question is
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  Speaker 7: what happens is the iPhone's going to be available, you know,
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  Speaker 7: a week from now, so from September nineteenth to October
• 11:56
  Speaker 7: you know thirty first is you could say, a few
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  Speaker 7: days of revenue recognition of the newest model that you
• 12:02
  Speaker 7: get in the current quarter. Most likely that gets pushed
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  Speaker 7: out in the next quarter. So that's the only difference
• 12:07
  Speaker 7: it's going to have. I know, it's a you know
• 12:09
  Speaker 7: for the Chinese users who are looking forward to this phone,
• 12:12
  Speaker 7: they may not get it in the next ten to
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  Speaker 7: fifteen days, but you know, I don't think it's going
• 12:17
  Speaker 7: to be longer before they'll be able to get.
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  Speaker 5: That in the about forty five seconds we have left.
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  Speaker 5: Just want to get your take on Microsoft teams basically
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  Speaker 5: avoiding a hefty fine with the EU. Bring us up
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  Speaker 5: to speed on that.
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  Speaker 7: Yeah, So this has been a case that's been around
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  Speaker 7: for a while, and the question is to use aggreg
• 12:36
  Speaker 7: disaggregate teams versus Slack. So Microsoft has to do it.
• 12:39
  Speaker 7: There's always a tying aspect of Microsoft products. It bundles
• 12:44
  Speaker 7: in these things, and competitors think, you know, that's an
• 12:46
  Speaker 7: unfair advantage for them, and you know they have to
• 12:48
  Speaker 7: do with they're frankly speaking otherwise. You know this is
• 12:50
  Speaker 7: a you know, the lawsuits otherwise that they will face
• 12:53
  Speaker 7: because of it.
• 12:55
  Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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• 13:16
  Speaker 5: I'm Alexis Kristoffers along with Scarlett Foo and Paramount sky
• 13:20
  Speaker 5: Dance Boy wasting no time when it comes to making
• 13:23
  Speaker 5: acquisitions right The Hollywood Studio taken over just last month
• 13:26
  Speaker 5: by the independent filmmaker David Ellison, now reportedly preparing a
• 13:30
  Speaker 5: bid for Warner Brothers. Discovery and Wall Street seems to
• 13:35
  Speaker 5: like the news because Warner Brothers up about fourteen percent
• 13:38
  Speaker 5: right now. We've even got Paramount sky Dance on the
• 13:41
  Speaker 5: plus side by nearly three percent. Let's break it down
• 13:44
  Speaker 5: with Geetha Ranganathan Bloomberg, intelligence analyst on US Media. He's
• 13:48
  Speaker 5: watching it all for us from his perch in Princeton, GI.
• 13:52
  Speaker 5: The great to see you. I guess Bloomberg was the
• 13:54
  Speaker 5: first to report this, but we should make clear no
• 13:57
  Speaker 5: official offer made yet. So what do we know?
• 14:02
  Speaker 8: Yeah, so what we know right now, alexis is that
• 14:05
  Speaker 8: Paramount is definitely interested in making a bid for Warner
• 14:09
  Speaker 8: Brothers Discovery. And what's interesting. I mean, you pointed out
• 14:12
  Speaker 8: the timing. That's definitely a very very critical aspect here.
• 14:15
  Speaker 8: The second thing that's very interesting about this offer is
• 14:18
  Speaker 8: that it's going to be for the entire company.
• 14:21
  Speaker 4: Now.
• 14:21
  Speaker 8: The reason I bring that up is because Warner Brothers
• 14:23
  Speaker 8: Discovery was actually planning to split off its different assets. So,
• 14:28
  Speaker 8: you know, the company owns TV networks like a CNN,
• 14:32
  Speaker 8: a TVs at TNT. They also own one of you know,
• 14:35
  Speaker 8: the biggest Hollywood movie and TV studios, and of course
• 14:39
  Speaker 8: they have their you know, iconic HBO Max streaming platform.
• 14:43
  Speaker 8: So there's a whole you know, portfolio of different assets there,
• 14:46
  Speaker 8: and they were planning to separate out the TV assets
• 14:49
  Speaker 8: which have been challenged for the past few years by
• 14:52
  Speaker 8: cord cutting, and separate that out from the studio and
• 14:55
  Speaker 8: the streaming part of the business. And so really what
• 14:58
  Speaker 8: we were kind of thinking was that there would be
• 14:59
  Speaker 8: a lot of and interest, a lot of appetite for
• 15:02
  Speaker 8: the studio and streaming portion of the business, just given that,
• 15:05
  Speaker 8: you know, those are kind of the crown jewels of
• 15:07
  Speaker 8: the business, if you will. But you know, having Paramount
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  Speaker 8: kind of come in for the entire company is obviously
• 15:13
  Speaker 8: a little bit of a surprise. There's no deal or
• 15:17
  Speaker 8: dollar value yet, though, Alexis and.
• 15:19
  Speaker 5: You are saying Etha that this, if it were to happen,
• 15:22
  Speaker 5: would be a cash offer, like an all cash offer.
• 15:26
  Speaker 8: That is what has been reported. It would be a
• 15:28
  Speaker 8: majority cash offering for all of Warner Brothers Discovery.
• 15:32
  Speaker 5: So I'm wondering if if Paramount Skydance is interested in
• 15:36
  Speaker 5: all of Warner Brothers Discovery, what might regulators have to
• 15:39
  Speaker 5: say about that.
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  Speaker 8: Yeah, normally it would have been a problem. I think,
• 15:45
  Speaker 8: you know, you do have two of the biggest studios
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  Speaker 8: kind of combining it will become a top studio with
• 15:51
  Speaker 8: about a twenty five percent box office share, Not that
• 15:54
  Speaker 8: such deals haven't gone through, you know, the regulatory process before.
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  Speaker 8: So if you just remember if years ago Disney bought
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  Speaker 8: the Fox studio that gave them about a twenty five
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  Speaker 8: twenty six percent share of the box office. So it
• 16:06
  Speaker 8: has been done. But I think what gives us more
• 16:09
  Speaker 8: confidence in the whole regulatory process here is that David
• 16:14
  Speaker 8: Ellison and you know, the family, the whole Sky Dance
• 16:16
  Speaker 8: A team just went through this whole approval process for
• 16:21
  Speaker 8: the Paramount merger with the Trump administration just about a
• 16:24
  Speaker 8: month ago, so they obviously know their way around around
• 16:27
  Speaker 8: the system. They know how to navigate all of the
• 16:29
  Speaker 8: different challenges that come with, you know, a deal of
• 16:32
  Speaker 8: this size. So I think that gives us plenty of confidence.
• 16:36
  Speaker 8: And the other thing that I would mention is that
• 16:37
  Speaker 8: there is no broadcast there's no combination of broadcast assets,
• 16:40
  Speaker 8: So combining two broadcast networks like a CBS or an
• 16:43
  Speaker 8: NBC that would be problematic. In this case, there is
• 16:46
  Speaker 8: no broadcast asset from Warner Brothers, Discovery.
• 16:49
  Speaker 5: Good good point, Githa. So I'm just wondering about the
• 16:52
  Speaker 5: synergies here bouncing off of that, and you know, would
• 16:56
  Speaker 5: there be a fair amount of overlap in the center
• 17:00
  Speaker 5: that we may see a bunch of layoffs if and
• 17:03
  Speaker 5: when this deal happens.
• 17:05
  Speaker 8: Well, that is absolutely bound to happen. So we were
• 17:08
  Speaker 8: actually already seeing that at both companies separately. So remember
• 17:11
  Speaker 8: Warner Brothers Discovery is actually a combination of Warner Brothers
• 17:14
  Speaker 8: and Discovery, and they had like mentioned or they had
• 17:17
  Speaker 8: announced a lot of synergies and a lot of cost
• 17:19
  Speaker 8: savings at the time that they you know, merged those
• 17:22
  Speaker 8: two companies. We're going to see the same thing with
• 17:24
  Speaker 8: Paramount and sky Dance. And now when you kind of
• 17:26
  Speaker 8: see this mega merger, there absolutely is going to be
• 17:29
  Speaker 8: a ton of layoffs just kind of given you know,
• 17:31
  Speaker 8: the duplicative systems in place here. You know, you're talking
• 17:35
  Speaker 8: about a studio business. Again, a lot of positions there
• 17:37
  Speaker 8: can be eliminated, you know, the streaming platforms, the TV networks.
• 17:41
  Speaker 8: You're going to have multiple teams kind of performing the
• 17:43
  Speaker 8: same functions. So, yes, we do project something like about
• 17:47
  Speaker 8: four or five billion dollars in potential cost savings. A
• 17:51
  Speaker 8: lot of those, of course would be you know, with
• 17:55
  Speaker 8: the elimination of jobs. So the Hollywood unions definitely would
• 17:58
  Speaker 8: not be happy here.
• 17:59
  Speaker 5: Yeah, I bet, and I just want to ask you
• 18:01
  Speaker 5: a little bit about the market reaction we're seeing. Again, again,
• 18:04
  Speaker 5: no deal has been made. This is Bloomberg reporting out
• 18:07
  Speaker 5: there that's actually moving these stocks today. Warner Brothers Discovery
• 18:11
  Speaker 5: up about fourteen percent, but we also got Paramount sky
• 18:14
  Speaker 5: Dance up about three percent. Usually the acquirer comes under
• 18:17
  Speaker 5: a little bit of pressure in the thirty seconds I have.
• 18:20
  Speaker 5: Why do you think we're seeing both stocks higher?
• 18:23
  Speaker 8: Yeah, that's a really interesting point you bring up, Alexis.
• 18:25
  Speaker 8: The reason we're seeing Paramount trade higher is because remember
• 18:28
  Speaker 8: this is a subscale streamer, so they have only about
• 18:30
  Speaker 8: seventy five million streaming subscribers right now. Merging with Warner
• 18:34
  Speaker 8: Brothers Discovery really kind of puts them on the map
• 18:37
  Speaker 8: along with Netflix and Disney makes them a really formidable player.
• 18:41
  Speaker 8: And so this is why we're kind of seeing a
• 18:42
  Speaker 8: lot of enthusiasm for this bid.
• 18:44
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