The False Dichotomy of HBO and Netflix

HBO is a profitable network. It has been on a extremely strong run over the last year or so last two years, you know, even compared to kind of the five, six years before it. But if we think about the streaming services becoming their own glorified cable packages, HBO was always a network you added onto your cable package. You might also be interested in basketball and you might be watching NCIS. What Max is effectively doing is saying, well, HBO is our big add-on. And that's why people are paying the $15. We want to scale beyond that because we have advertisers who want to reach the highest level of eyeballs.