WEBVTT - Comcast NBCUniversal Brian Roberts Chairman & CEO Talks the State of TV & Streaming 0:00:02.400 --> 0:00:06.760 Bloomberg Audio Studios, podcasts, radio news. 0:00:06.920 --> 0:00:08.920 We're keeping a watch on media. Let's go to a 0:00:08.960 --> 0:00:11.879 panel up on stage at the theater here at screen time, 0:00:12.200 --> 0:00:15.320 our Lucas Shaw talk with Brian Roberts, CEO and chairman 0:00:15.360 --> 0:00:17.080 of Comcast NBC Universal. 0:00:18.640 --> 0:00:19.040 Coming out. 0:00:20.800 --> 0:00:22.800 Well, look, you have a We're not gonna go there 0:00:22.880 --> 0:00:24.560 right away, but you have earnings in a few months. 0:00:24.600 --> 0:00:27.440 You can just wipe that clean, right that'll. I want 0:00:27.440 --> 0:00:31.120 to start just with news of the moment, because you 0:00:31.160 --> 0:00:33.440 guys have a pretty big business in Florida, which I 0:00:33.440 --> 0:00:36.199 believe has been affected by the hurricane down there. So 0:00:36.360 --> 0:00:37.760 is everything fine at the parks? 0:00:37.800 --> 0:00:42.080 Thanks for starting there both theme park great news for 0:00:42.120 --> 0:00:45.280 that is will be open tomorrow and maybe even tonight 0:00:45.400 --> 0:00:49.040 with the city walk. We also are the cable company 0:00:49.280 --> 0:00:51.879 right in Fort Myers and right where the storm came in. 0:00:52.000 --> 0:00:56.240 So a lot of devastations we all have witnessed, and 0:00:56.480 --> 0:01:00.120 fortunately we have a culture probably a thousand peace but 0:01:00.240 --> 0:01:00.960 working on it today. 0:01:01.000 --> 0:01:03.280 We'll have people soon's powers back. We'll be back. 0:01:04.120 --> 0:01:06.080 Just had this storm a couple of weeks ago hit 0:01:06.120 --> 0:01:10.360 Georgia and Florida. It's awful this time of year, so 0:01:10.880 --> 0:01:13.640 hopefully everybody is safe, and it was good. I think 0:01:13.680 --> 0:01:15.760 the media did a great job for warning people and 0:01:15.800 --> 0:01:19.360 it was taken quite seriously, So thank you for asking. 0:01:19.520 --> 0:01:21.480 Yeah, I feel like there's more. 0:01:21.520 --> 0:01:24.039 I mean, for obvious reasons, there's just so much more 0:01:24.080 --> 0:01:26.040 storm coverage than ever before. 0:01:27.240 --> 0:01:28.200 Maybe global warning. 0:01:28.280 --> 0:01:32.080 Yeah, that's probably why. No easy way to transfer off 0:01:32.080 --> 0:01:34.960 of it. But I'm glad everyone's okay. I wanted to 0:01:35.640 --> 0:01:40.840 start sort of big picture with you. Most of your peers, 0:01:41.640 --> 0:01:43.360 i'd say, are getting are A lot of them are 0:01:43.360 --> 0:01:45.920 getting out of the media business, right, So Shery Redstone, 0:01:46.000 --> 0:01:49.960 Cells Rupert sold a few years ago, or at least 0:01:49.960 --> 0:01:52.480 out of the entertainment business. AP and T and Verizons 0:01:52.560 --> 0:01:56.000 or telecom companies got out. You seem to be investing 0:01:56.000 --> 0:01:57.960 more in media and entertainment at a time where there's 0:01:58.000 --> 0:02:00.600 a lot of anxiety and uncertainty about it. Why does 0:02:00.640 --> 0:02:02.720 it make sense for comcasts to be in the entertainment 0:02:02.800 --> 0:02:05.600 business and what do you see that sort of bright 0:02:05.640 --> 0:02:08.079 about the future that maybe others don't agree with. 0:02:08.840 --> 0:02:13.120 Well, I think a broad statement like that. You know, 0:02:13.240 --> 0:02:17.360 Larry Ellison just chose to get in. You're sponsored by AWS. 0:02:18.560 --> 0:02:23.400 There's you know, a complete change of who's enthusiastic and 0:02:23.400 --> 0:02:25.480 what do they bring to the party, and maybe some 0:02:25.520 --> 0:02:29.320 of those folks thought it was time to exit. We're 0:02:29.520 --> 0:02:34.480 pretty excited about the company we've got. We have in 0:02:34.560 --> 0:02:40.120 the media part of the business, studios growing great. Some 0:02:40.160 --> 0:02:42.600 of the clips you said, I hope Wicked wins that 0:02:42.600 --> 0:02:46.760 that poll and more importantly wins the box office. Fabulous 0:02:47.120 --> 0:02:50.880 bet by Donna team last year Oppenheimer, Chris Mellandandre You've 0:02:50.880 --> 0:02:52.080 got Jason Cumming later. 0:02:52.120 --> 0:02:52.920 I'm just bummed out. 0:02:52.960 --> 0:02:56.480 I'm not doing the hot wings your body well, thank you. 0:02:56.520 --> 0:02:57.680 Yeah. 0:02:57.720 --> 0:03:03.160 And so you know, we have in Peacock a strategy. 0:03:03.200 --> 0:03:05.280 I'm sure we'll get into a little more. That is 0:03:05.320 --> 0:03:08.240 a growth business for us. And we've also selling our 0:03:08.280 --> 0:03:12.440 Hulu steak so we actually will have you know, very 0:03:12.440 --> 0:03:18.120 little money net in streaming in terms of losses versus profits, so. 0:03:18.200 --> 0:03:19.360 You know, each company is different. 0:03:19.360 --> 0:03:21.920 Then we also have a broadband the majority of the 0:03:22.000 --> 0:03:25.720 company that my dad started, Comcast Cable now really a 0:03:25.840 --> 0:03:27.720 broadband connectivity. 0:03:27.080 --> 0:03:30.640 Business Wi Fi. You know, if you were to go 0:03:30.720 --> 0:03:32.960 back ten years and you say, let's design. 0:03:33.360 --> 0:03:36.000 With your perfect knowledge of what the world looks like today, 0:03:36.440 --> 0:03:38.400 what would be a cool company. You would say, I 0:03:38.520 --> 0:03:41.840 like to connect everybody to what we're doing, whether it's 0:03:41.840 --> 0:03:44.320 in streaming, or whether it's in AI, or whether it's 0:03:44.360 --> 0:03:48.200 going to be in you know, whatever comes Nest Zoom 0:03:48.280 --> 0:03:52.200 calls working from home, and we have the nation's most 0:03:52.320 --> 0:03:57.920 connected broadband customers. We have a converge service with wireless 0:03:58.560 --> 0:04:02.320 and broadband in more homes than AT and T, Verizon 0:04:02.680 --> 0:04:06.920 T Mobile combined, and a lot of that content. A 0:04:07.000 --> 0:04:10.200 hundred million people every quarter coming to watch today's show, 0:04:10.240 --> 0:04:14.160 Tonight's show SNL which is fabulous as always this year, 0:04:14.200 --> 0:04:16.479 And don't know how one Michael can do it every time, 0:04:16.520 --> 0:04:19.120 but this being such an important year, what a great 0:04:19.160 --> 0:04:23.000 first two shows, and then film and television and the 0:04:23.040 --> 0:04:27.560 stories we have, and then of course sports, and I'm sure. 0:04:27.360 --> 0:04:28.760 We'll talk a little about that as well. 0:04:29.080 --> 0:04:31.160 So I think we have a pretty great company, and 0:04:31.600 --> 0:04:32.839 I more excited. 0:04:33.440 --> 0:04:37.320 This will be our sixtieth year. My dad founded it. 0:04:37.600 --> 0:04:40.760 This will be and last year was the most profitable 0:04:40.800 --> 0:04:44.280 year and the best year in company's history. And you know, 0:04:44.360 --> 0:04:46.480 we're about to do earnings everything. We're gonna have a 0:04:46.520 --> 0:04:49.279 great year this year by all the analyst accounts, and 0:04:49.320 --> 0:04:51.160 maybe even the best year in the company's history are 0:04:51.200 --> 0:04:55.880 right there, and so why would you not be excited. 0:04:56.080 --> 0:04:57.040 You brought up Peacock. 0:04:57.040 --> 0:05:03.080 I'm curious how long until Peacock is really a profitable 0:05:03.120 --> 0:05:04.800 and sustainable business on its own. 0:05:05.279 --> 0:05:06.800 Well, first of all, we don't look at as on 0:05:06.839 --> 0:05:09.800 its own, So I'm not doing a duct your question completely. 0:05:09.880 --> 0:05:12.000 But that's not how we're running the business. We're running 0:05:12.000 --> 0:05:14.600 it as part of the media business. So take the Olympics. 0:05:16.320 --> 0:05:20.800 Eighty seven percent of the viewing was on NBC or 0:05:21.360 --> 0:05:24.720 one of our cable channels. Thirteen percent was on Peacock. 0:05:25.360 --> 0:05:28.239 But together we presented to the consumer all those choices, 0:05:28.279 --> 0:05:32.480 every event, every athlete, every country, Mike Turico doing two 0:05:32.600 --> 0:05:34.960 prime time shows in a heroic fashion. 0:05:35.440 --> 0:05:37.120 Hard to get. We have the stats here. 0:05:37.680 --> 0:05:40.240 Nbcunivers Will had the most viewership of any company TV 0:05:40.279 --> 0:05:42.640 viewership had any company in August because of thelige. 0:05:42.720 --> 0:05:45.120 Did it for seventeen straight days. It's so hard to 0:05:45.200 --> 0:05:48.960 keep America's a viewer's attention for more than two hours, 0:05:49.040 --> 0:05:50.680 let alone seventeen days. 0:05:51.000 --> 0:05:54.480 So that was a whole company effort. 0:05:54.680 --> 0:05:57.320 And so to pick one part of the company and say, well, 0:05:57.320 --> 0:06:00.159 how's that part doing well? If your goal is to 0:06:00.320 --> 0:06:03.720 just be Netflix. That's a really important question. If your 0:06:03.760 --> 0:06:07.400 goal is to have a media company that, particularly in 0:06:07.400 --> 0:06:12.279 the United States, which is where most of our emphasis is, 0:06:12.279 --> 0:06:16.400 is to deliver sports to I think of you know, 0:06:16.400 --> 0:06:18.600 Bloomberg didn't have a print business where I was chatting 0:06:18.680 --> 0:06:21.880 with some friends from the Wall Street Journal and they 0:06:21.920 --> 0:06:26.320 had to go from a dying print business to a 0:06:26.360 --> 0:06:27.560 growing digital business. 0:06:28.080 --> 0:06:29.880 And New York Times had to do the same. 0:06:30.440 --> 0:06:32.880 And there's some people that didn't make it USA today 0:06:33.040 --> 0:06:37.080 may not quite get there. So if you inquire regional papers, 0:06:37.240 --> 0:06:39.080 tough business. 0:06:39.760 --> 0:06:42.359 We think NBC we. 0:06:42.320 --> 0:06:44.320 Are going to get there, and Peacock is going to 0:06:44.320 --> 0:06:46.360 be part of how that happens is more and more 0:06:46.360 --> 0:06:49.120 people cut the cord, more and poor people will take Peacock. 0:06:49.160 --> 0:06:52.159 That's why people ask about the sustainability to Peacock. 0:06:52.200 --> 0:06:53.120 I get that it's part of. 0:06:53.080 --> 0:06:58.960 This broader group, right, but your cable networks are the way, right, 0:06:59.000 --> 0:06:59.880 so you need something. 0:06:59.680 --> 0:07:00.120 To offer that. 0:07:00.680 --> 0:07:04.360 Peacock we think this year will be the most losses 0:07:04.400 --> 0:07:08.120 we've had, even including the NBA investment that we're making. 0:07:09.240 --> 0:07:13.400 We're already improved. That's what last y won't hurt profitability going. 0:07:13.280 --> 0:07:15.760 We well, it might theoretically if in the short run, 0:07:15.800 --> 0:07:19.760 but in the long run we're super excited and think 0:07:19.760 --> 0:07:22.280 that it's factored into what we need to spend and 0:07:22.560 --> 0:07:25.840 what will monetize if you go back, we had all 0:07:25.880 --> 0:07:27.000 our content on Hulu. 0:07:27.200 --> 0:07:28.200 We bought the company. 0:07:28.240 --> 0:07:31.600 That was what NBC had committed to before we own 0:07:31.640 --> 0:07:36.239 the company. Then Fox happened and Disney got control of Hulu, 0:07:37.520 --> 0:07:42.680 got an amicable way to extricate, which was taking five years. 0:07:42.720 --> 0:07:44.680 We didn't want to sell our Hulu steak until the 0:07:44.760 --> 0:07:45.320 end of those. 0:07:45.120 --> 0:07:48.040 Five more than five years. At this point, a little. 0:07:47.800 --> 0:07:50.600 Bit going to We're going to figure out eventually the 0:07:50.760 --> 0:07:54.480 end and we will have taken We've already taken, you know, 0:07:54.600 --> 0:07:57.200 a lot of billions of dollars out off of several 0:07:57.240 --> 0:08:02.480 hundred million dollar investment and maybe more to come, we hope. 0:08:02.680 --> 0:08:05.560 And so when that's all said and none, we got 0:08:05.600 --> 0:08:08.200 all the content onto Peacock, but we had to start 0:08:09.120 --> 0:08:11.520 at a very late date compared to other streaming coad 0:08:11.600 --> 0:08:14.760 So our strategy was to take all the sports we 0:08:14.840 --> 0:08:17.760 had and now make them available to people who didn't 0:08:17.760 --> 0:08:20.120 buy the bundle. We're the first ones in a way 0:08:20.120 --> 0:08:23.480 to actually do that, and then later on all the 0:08:23.520 --> 0:08:28.160 episodes and all the seasons and all the great content 0:08:28.200 --> 0:08:31.160 that Donna's making and film created a new set of windows. 0:08:32.120 --> 0:08:35.079 Team did a super job where some of our content 0:08:35.320 --> 0:08:37.840 is for four months, all of it's on Peacock. The 0:08:37.880 --> 0:08:42.840 next ten months it goes to either Amazon or Netflix, 0:08:42.960 --> 0:08:46.040 and then back to Peacock. Nobody had ever done that before, 0:08:46.600 --> 0:08:49.800 So we've been kind of innovating, I think, in the 0:08:50.160 --> 0:08:52.760 changing industry and the changing landscape to work for our 0:08:52.840 --> 0:08:56.199 set of assets to give us a very sustainable path 0:08:56.240 --> 0:08:58.839 to be able to say to you that our media 0:08:58.920 --> 0:09:02.079 business will be profit is profitable, will continue to be profitable, 0:09:02.440 --> 0:09:05.880 and I believe will grow despite the downward pressure because 0:09:05.880 --> 0:09:06.800 of the growth of Peacock. 0:09:06.960 --> 0:09:11.719 Right, I'm wondering if you are confident in Peacock on 0:09:11.760 --> 0:09:15.520 its own, not on its own, you know, within your company, 0:09:15.559 --> 0:09:18.240 but as a as a viable streaming service going forward. 0:09:18.280 --> 0:09:20.959 Why it's been publicly reported by Bloomberg and others. You've 0:09:21.000 --> 0:09:25.000 had conversations with other companies about merging streaming services, joint ventures, 0:09:25.000 --> 0:09:27.280 that sort of thing. You know, paramounts certainly been out there. 0:09:27.440 --> 0:09:30.680 Why have those talks if you're a big believer in Peacock. 0:09:31.400 --> 0:09:36.280 Well, there's always just because you reported at Bloomberg, I'm 0:09:36.280 --> 0:09:39.360 not going say it's accurate, but of course if it's Bloomberg, 0:09:39.920 --> 0:09:40.920 it must be accurate. 0:09:41.040 --> 0:09:44.680 So therefore, well you reference the Journal they also reported. 0:09:44.720 --> 0:09:46.480 I feel like if we're if both Bloomberg and the 0:09:46.559 --> 0:09:48.360 Journal are reporting something odds. 0:09:48.000 --> 0:09:48.760 Are it's accurate? 0:09:48.840 --> 0:09:54.440 Absolutely so, and throw NBC News in there too. So 0:09:56.480 --> 0:10:00.120 in all seriousness, obviously people are going to say, there 0:10:00.160 --> 0:10:02.440 is a changing landscape, what can I do that would 0:10:02.520 --> 0:10:05.040 advance myself? So conversations is always going to happen. They 0:10:05.040 --> 0:10:08.160 happen all businesses all the time. I think it's a 0:10:08.200 --> 0:10:14.120 tough thing to actually get executed because I'm a believer 0:10:15.040 --> 0:10:17.640 coming from where I started my career in cable. 0:10:18.679 --> 0:10:20.520 My first job was selling HBO. 0:10:20.280 --> 0:10:24.040 Door to door, one of the first jobs, and we 0:10:24.080 --> 0:10:26.280 had a lot of channels. When John Malone said we're 0:10:26.280 --> 0:10:29.480 going to go to five hundred channels, it kind of 0:10:29.679 --> 0:10:32.120 got laughed about. And then the Internet, of course went 0:10:32.160 --> 0:10:36.520 to Infinity Infinity, so the notion that we'd have ten 0:10:36.559 --> 0:10:40.320 streaming service doesn't intimidate me whatsoever. The technology for the 0:10:40.320 --> 0:10:43.920 consumer is the question can I bounce from show to show. 0:10:44.080 --> 0:10:46.559 I'm not sure hard to get from Netflix to Peacock 0:10:46.640 --> 0:10:47.080 to Apple. 0:10:47.720 --> 0:10:50.000 If you believe that's how it's going to be, then 0:10:50.240 --> 0:10:52.880 that's an issue. I'm coming from a world that we 0:10:52.920 --> 0:10:54.960 went from three channels when my dad started to five 0:10:55.000 --> 0:10:58.120 hundred channels and we had no problem doing that, and 0:10:58.200 --> 0:10:59.280 the consumer. 0:10:58.840 --> 0:11:02.120 Got used to it. So the question will be can 0:11:02.160 --> 0:11:02.800 we solve that? 0:11:02.840 --> 0:11:05.440 Well, we have a technology which we've licensed to Charter, 0:11:05.520 --> 0:11:08.000 We've launched the Rogers. We do it with Sky, we 0:11:08.080 --> 0:11:11.000 do in Australia, we do it in South Africa where 0:11:11.040 --> 0:11:13.320 you just talk to it and say House of Cards, 0:11:14.200 --> 0:11:18.640 Sunday night football, Dodgers game, congratulations, af Phillies didn't do. 0:11:18.600 --> 0:11:23.040 So well yesterday. You just go. It's just like changing channels. 0:11:23.760 --> 0:11:25.920 Now somebody will come along and say, well, can I 0:11:25.920 --> 0:11:28.960 buy one subscription and get all these services? 0:11:28.960 --> 0:11:29.920 So I'm not out of luck. 0:11:30.000 --> 0:11:32.440 Well that sounds like cable TV was, So I have 0:11:32.480 --> 0:11:35.000 a bias that I could see it all kind of 0:11:35.080 --> 0:11:38.240 being some form of consumer wants to go where the 0:11:38.280 --> 0:11:42.760 great content is. And if AMC makes a show breaking 0:11:42.800 --> 0:11:46.559 bad and nobody had ever watched AMC before that, perhaps 0:11:47.160 --> 0:11:49.719 and all of a sudden, they had AMC and they 0:11:49.720 --> 0:11:50.480 had breaking bad. 0:11:50.559 --> 0:11:55.560 That's the great community here makes the breakthrough. 0:11:56.720 --> 0:11:59.440 Must have programming, whether that one day is an Olympics 0:11:59.520 --> 0:12:01.800 or one day is a show that I never knew 0:12:01.920 --> 0:12:05.560 I wanted, and the word of mouth, and I'm confident 0:12:05.600 --> 0:12:09.000 that Peacock can play an important role in that. And 0:12:09.040 --> 0:12:11.360 whether we do that with others or by ourselves or 0:12:11.400 --> 0:12:13.800 in some sort of partnership, you know, those are things 0:12:13.800 --> 0:12:16.000 that right today we're pretty happy where we're at. 0:12:16.040 --> 0:12:19.400 But we'll see. We didn't bid on Paramount. You know, 0:12:19.480 --> 0:12:21.720 all the. 0:12:20.760 --> 0:12:23.600 Press wants to have us do something I don't know 0:12:23.640 --> 0:12:25.040 that we are going to do. 0:12:25.200 --> 0:12:27.400 Right, Okay, I was going to take you in another direction, 0:12:27.440 --> 0:12:28.800 but you brought up M and A, so let's go 0:12:28.840 --> 0:12:33.440 and do it. You didn't bet on Paramount. The company 0:12:33.480 --> 0:12:36.720 you've been linked to most often is WBD. There's this 0:12:36.800 --> 0:12:39.280 sort of belief in the market. You want to spin 0:12:39.360 --> 0:12:41.840 out any Universal, you want to merger with Warner Brothers, Discovery, 0:12:41.880 --> 0:12:44.960 you want to buy something like that. You've publicly, privately, 0:12:45.120 --> 0:12:49.440 through my understanding, like been not necessarily dismissive, but said 0:12:49.480 --> 0:12:53.080 you don't think that's going to happen. Is why don't 0:12:53.080 --> 0:12:55.319 you think that that deal makes sense? 0:12:56.360 --> 0:12:58.640 Well, I think I don't want to come on any 0:12:58.640 --> 0:13:00.760 specific deal, and you can understand and why that would 0:13:00.800 --> 0:13:05.920 be the case. And you know, there are a wonderful 0:13:05.920 --> 0:13:09.600 set of assets and Davids Aslove is doing working really hard, 0:13:09.800 --> 0:13:11.000 trying to figure out. 0:13:10.880 --> 0:13:12.040 Back to say, doing a good job. 0:13:12.080 --> 0:13:14.640 And then your self, how do you how can you 0:13:14.679 --> 0:13:20.760 read my mind? But I in all seriousness here they're 0:13:20.800 --> 0:13:23.360 trying to do something very different than what I just described. 0:13:23.600 --> 0:13:26.560 And therefore I think we're going to do our thing. 0:13:27.080 --> 0:13:30.679 And we're the company we've got and the assets and 0:13:30.720 --> 0:13:31.400 the team. 0:13:31.520 --> 0:13:32.000 The people. 0:13:32.920 --> 0:13:35.800 You know, I'm you know, you can characterize any way 0:13:35.800 --> 0:13:39.199 you want. I think we're on a good track. And 0:13:39.440 --> 0:13:44.800 I start because I think at its heart, the company 0:13:44.880 --> 0:13:48.000 we've got started with again before I was there for 0:13:48.320 --> 0:13:51.160 fifty years at NBC and one hundred years at Universal. 0:13:51.600 --> 0:13:55.360 But take NBC and the assets that have been created 0:13:56.000 --> 0:13:59.880 are appealed to Americans and maybe they appealed to Britain too. 0:14:00.080 --> 0:14:04.960 It's English speaking for the most part, it's relevant. One 0:14:05.040 --> 0:14:08.560 hundred million consumers touch us every ninety days. Most of 0:14:08.600 --> 0:14:15.040 the country watches something from NBC Universal, and how do 0:14:15.120 --> 0:14:18.040 we get that to the digital world and monetize that 0:14:18.280 --> 0:14:19.160 with digital ads. 0:14:19.680 --> 0:14:20.800 That's what we're trying to do. 0:14:21.120 --> 0:14:24.680 And we've got a broadband business and a television business 0:14:24.680 --> 0:14:26.160 at Comcast Exfinity. 0:14:26.800 --> 0:14:28.480 So during the Olympics we. 0:14:28.400 --> 0:14:32.680 Had almost double the viewing two x in the Comcast 0:14:32.720 --> 0:14:35.240 homes because when you turned on the TV, there was 0:14:35.240 --> 0:14:38.000 all things Olympics in our X one guide, in our 0:14:38.560 --> 0:14:44.000 Zumo boxes. And I think that we have a playbook 0:14:44.360 --> 0:14:47.720 that works for us. Other companies are trying to chase Netflix, 0:14:47.840 --> 0:14:51.160 and you've got Netflix coming on later. Done an incredible 0:14:51.240 --> 0:14:55.160 job everywhere in the world, but in the US, I 0:14:55.160 --> 0:14:58.000 think we can do an incredible job in our And 0:14:58.040 --> 0:15:01.440 then we've got Sky in the UK, which had been 0:15:01.480 --> 0:15:03.160 doing the same kind of thing in the UK, so 0:15:03.160 --> 0:15:05.920 it kind of fits really well in our English speaking 0:15:06.800 --> 0:15:11.080 universal it does globally distribute, so we set up a 0:15:11.080 --> 0:15:14.360 partnership with Paramount Sky show Time, we partner with others. 0:15:15.000 --> 0:15:17.800 There's always going to be conversations around how do we 0:15:18.240 --> 0:15:22.440 remain very relevant globally, But where we have our own 0:15:22.480 --> 0:15:27.040 distribution and our own platforms and our own set of skills, 0:15:27.600 --> 0:15:29.080 I think that's what we're focused on. 0:15:29.400 --> 0:15:32.000 Would do you think the current regulatory climate would you 0:15:32.040 --> 0:15:34.000 be able to buy a big media company. 0:15:34.400 --> 0:15:35.280 Look, I think. 0:15:37.160 --> 0:15:39.880 That's not a reason were that I would give you 0:15:39.920 --> 0:15:41.760 as an answer not to do something. 0:15:42.680 --> 0:15:43.640 You brought up cable. 0:15:43.840 --> 0:15:48.640 There was a belief, I think among analyst executives for 0:15:48.640 --> 0:15:51.240 a while that there was what you'd call a floor. Right, 0:15:51.400 --> 0:15:53.920 there's been a decline in the cable business, but at 0:15:53.960 --> 0:15:55.880 a certain point it would level off because a certain 0:15:55.960 --> 0:15:58.040 number of people would always want to pay for it 0:15:59.080 --> 0:16:01.200 or would just have it right, like older people, whatever, 0:16:01.240 --> 0:16:05.480 sports fans, whatever it may be. The last six month, 0:16:05.520 --> 0:16:07.360 twelve months, it feels like there's been a little bit 0:16:07.400 --> 0:16:09.440 of a revision there where there's some discussion that maybe 0:16:09.440 --> 0:16:11.920 there isn't a floor, that it just falls to zero 0:16:12.400 --> 0:16:15.160 when you're talking with your finance guys, for strategy people, 0:16:15.160 --> 0:16:18.040 what do you see as or the base the floor 0:16:18.160 --> 0:16:18.680 for cable. 0:16:19.400 --> 0:16:23.400 So that's not actually how I think we should think, 0:16:23.800 --> 0:16:25.840 because who knows is they answer that question. 0:16:27.120 --> 0:16:30.239 I look at it as a consumer and then trying. 0:16:30.000 --> 0:16:32.360 To have a set of products that we offer the 0:16:32.400 --> 0:16:38.320 consumer that were indifferent to the answer. So if there's 0:16:38.400 --> 0:16:41.480 many people want to buy a bundle in video great. 0:16:41.960 --> 0:16:45.000 We want to have the best bundle and that's Exfinity. 0:16:45.360 --> 0:16:48.400 We have a talking remote, Emmy Award winning, we have 0:16:48.640 --> 0:16:50.360 all the content. We were the first people to put 0:16:50.440 --> 0:16:53.120 Netflix on that box. It was just as good as HBO. 0:16:53.200 --> 0:16:56.240 We could switch channels everything you said earlier, no problem. 0:16:56.480 --> 0:16:59.360 We have the I think the best entertainment operating system 0:16:59.360 --> 0:17:02.880 out there. The same time, along came streaming in a 0:17:02.960 --> 0:17:05.760 much healthier way, and people said, I want. 0:17:05.640 --> 0:17:06.320 To cut the cord. 0:17:07.080 --> 0:17:10.840 We make virtually the same amount of money, some cases 0:17:11.040 --> 0:17:13.639 more if you take broadband only. 0:17:14.400 --> 0:17:16.280 Why do I say more? Well, we don't have. 0:17:16.240 --> 0:17:20.080 To bill you all those extra fees, and we don't 0:17:20.080 --> 0:17:24.800 have to raise rates. And when you're unhappy about something, 0:17:24.840 --> 0:17:25.520 you call us. 0:17:25.840 --> 0:17:27.400 There's cost to doing business. 0:17:28.080 --> 0:17:30.919 Now you're buying your streaming, you're dealing directly with the 0:17:30.960 --> 0:17:36.000 content company. And we managed to get our business to 0:17:36.000 --> 0:17:40.240 where we're in. Different to the answer that question. So 0:17:41.040 --> 0:17:43.600 I remember the first time I met Bill Gates, really 0:17:43.840 --> 0:17:47.760 sat down and had a meeting. He said, someday, this 0:17:47.840 --> 0:17:50.480 is in the nineties, the Internet was just starting. You 0:17:50.480 --> 0:17:53.320 will have more data customers than you have video customers. 0:17:53.320 --> 0:17:56.400 At that point, we had zero Internet and we had, 0:17:56.680 --> 0:18:01.720 I don't know, twenty twenty five million video. Fast forward, 0:18:02.119 --> 0:18:06.920 we have thirty two thirty two million broadband and half 0:18:06.960 --> 0:18:11.359 as many video. So we set up our company with 0:18:11.440 --> 0:18:16.440 fiber optics, with long term investments to anticipate what has happened. 0:18:17.000 --> 0:18:19.680 And now are we perfect about that? Of course not so. 0:18:20.080 --> 0:18:23.520 I think I think you know, there could be more decline, 0:18:23.560 --> 0:18:27.080 It could level off YouTube TV, Hulu Live. 0:18:28.560 --> 0:18:30.040 Is it going to hurt your soul a little bit 0:18:30.040 --> 0:18:33.080 if YouTube TV surpasses you as the biggest cable operator. 0:18:33.240 --> 0:18:36.040 Not if they're using Infinity broadband and watching NBC and 0:18:36.080 --> 0:18:40.679 watching it, we will have transitioned our company pretty carefully. 0:18:40.760 --> 0:18:43.520 We're going to, you know, be pretty happy with the 0:18:43.560 --> 0:18:45.280 Comcast NBCUniversal that we got. 0:18:45.720 --> 0:18:49.480 You brought up internet. Internet seems to also it's not 0:18:49.520 --> 0:18:52.560 shrinking at all. Obviously everybody needs it. But most people 0:18:53.240 --> 0:18:55.399 now have access to the internet, right there's maybe thirty 0:18:55.400 --> 0:18:57.920 forty million homes or people that don't because of where 0:18:57.960 --> 0:19:02.119 they live. When you're thinking about the future trajectory and 0:19:02.160 --> 0:19:04.080 growth of your business, is there a business you're not 0:19:04.280 --> 0:19:06.159 in now that you feel like you need to be 0:19:06.280 --> 0:19:09.040 to sort of be a quote unquote growth story or 0:19:09.080 --> 0:19:10.560 can you do it with the assets you have? 0:19:11.240 --> 0:19:18.000 Well, I obviously there are things like AI that intrigue 0:19:18.040 --> 0:19:21.960 everybody and make it fun and stimulating to want to 0:19:22.000 --> 0:19:23.960 go to work every day and what's happening? And I 0:19:24.040 --> 0:19:30.200 love technology and it's inspiring and scary and all things 0:19:30.240 --> 0:19:34.800 in between. So I had answer. I'd start the answer 0:19:34.840 --> 0:19:37.760 to that by saying, Okay, go back ten years and 0:19:37.840 --> 0:19:41.040 ask yourself what you did with the internet. Then go 0:19:41.160 --> 0:19:44.159 back to the that Bill Gates moment, and what were 0:19:44.160 --> 0:19:46.520 you doing twenty years ago with the internet whatever number 0:19:46.520 --> 0:19:50.520 of years? And we were doing pictures, and then we 0:19:50.560 --> 0:19:54.480 got to Napster and we got to go down the list, 0:19:54.960 --> 0:19:59.320 and now we're into four K and we're working from 0:19:59.359 --> 0:20:02.960 home and we think we're done. And the way I 0:20:03.359 --> 0:20:06.960 keep score is bits per home. And if you look 0:20:07.000 --> 0:20:11.480 at the cagar of bits per home, it's gone up 0:20:12.240 --> 0:20:15.960 twenty five thirty percent since nineteen ninety seven. 0:20:16.560 --> 0:20:18.879 Every year we're doing what we hope. There are bits, 0:20:19.560 --> 0:20:20.439 but they're your bits. 0:20:20.560 --> 0:20:24.120 There's everybody in there's rooms bits, it's video cameras, it's 0:20:24.160 --> 0:20:25.640 hopefully healthcare, and. 0:20:25.640 --> 0:20:29.200 Do you get as that keeps growing as it moves 0:20:29.240 --> 0:20:33.120 maybe to other devices you feel comfortable that your company 0:20:33.160 --> 0:20:34.439 will capture enough of that. 0:20:34.800 --> 0:20:37.000 So the name drop one other person who I think 0:20:37.119 --> 0:20:39.040 understood this better than way better than me. 0:20:39.680 --> 0:20:42.240 First time. Got to many times. 0:20:42.000 --> 0:20:44.360 Go visit with Steve Jobs to try to get an 0:20:44.400 --> 0:20:47.320 Apple box to be our box. And we were trying 0:20:47.359 --> 0:20:49.520 to merge boxes and of course they have Apple TV, 0:20:49.760 --> 0:20:50.480 we have our box. 0:20:50.680 --> 0:20:52.200 Never actually happened, and. 0:20:52.240 --> 0:20:53.680 One of the meetings they said, well, you should give 0:20:53.720 --> 0:20:57.840 up because we're going to win that. Well, you should 0:20:57.840 --> 0:21:01.240