The Pressure on the Legacy Media Companies

There's five or six years where Netflix has no real good free cash flow. And what they're saying to Wall Street analysts is don't worry, we're going to kind of bring in this debt. So when we get to 2016, 2017, there starts to be this pressure on the legacy media companies. There's two pressures coming from two different directions. The technology where people are actually spending their attention is disappearing.