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Speaker 1: Welcome to Strictly Business, Variety's weekly podcast featuring conversations with

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Speaker 1: industry leaders about the business of media and entertainment. I'm

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Speaker 1: Cynthia Littleton, co editor in chief of Variety Today. My

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Speaker 1: guest is J. B. Perette, President CEO of Discovery International.

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Speaker 1: While many in the industry are just starting to think

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Speaker 1: about programming for global audiences, Discovery has been at it

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Speaker 1: for years. Perette oversees more than two channels serving up

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Speaker 1: programming in more than fifty languages. He also has experience

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Speaker 1: in the direct to consumer arena through his oversight of Discoveries, Eurosport,

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Speaker 1: linear and streaming platforms. Perette is a longtime lieutenant of

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Speaker 1: Discovery CEO David Zaslow. The two work together at NBC

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Speaker 1: for years before reuniting about a decade ago at Discovery.

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Speaker 1: In our conversation, Perette shares his enthusiastic thoughts on the

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Speaker 1: potential that he sees for the pending merger of Owner

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Speaker 1: Media and Discovery. He also weighs in on what events

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Speaker 1: like the Olympics mean to subscription businesses, and he talks

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Speaker 1: about how Discovery is proceeding with the international rollout of

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Speaker 1: its Discovery Plus streamer. Our conversation took place just before

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Speaker 1: Discovery became involved in a public battle with the government

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Speaker 1: of Poland over efforts to ban non European companies from

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Speaker 1: owning media in the country. Discovery owns tv N Group,

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Speaker 1: which marks the largest single investment in the nation by

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Speaker 1: a US company. Tv N Group includes a news channel,

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Speaker 1: TVN twenty four that has been the target of the

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Speaker 1: license renewal fight. Discovery has vowed to press its case

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Speaker 1: through the existing trade treaty between the US and Poland.

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Speaker 1: In a later interview, Herrette told me that Discovery was

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Speaker 1: quote watching very closely to defend our business interests against

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Speaker 1: regulatory overreach an anti consumer behavior. Herette's thoughts about how

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Speaker 1: all TV is local and other insights are coming up

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Speaker 1: right to this break. J. B. Parrett, president of the

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Speaker 1: CEO of Discovery International, thank you so much for joining

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Speaker 1: me today. Great to be here. From your perch, I

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Speaker 1: realized that issues about the merger and the deal are

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Speaker 1: still are still very much in the pending phase, and

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Speaker 1: that you can't talk in keep specifics, but from your

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Speaker 1: perch in the international world, based out of London, overseeing

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Speaker 1: you know dozens of dozens of channels in all major

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Speaker 1: territories of the world. Can you talk about what you

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Speaker 1: see as the kind of the thesis for the merger

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Speaker 1: shaping up and how it will affect the international markets

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Speaker 1: that are so crucial to the global streaming racist these days. Sure,

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Speaker 1: thanks to Yeah, so we we I would say Discovery.

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Speaker 1: I've had the privilege of being this rule now for

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Speaker 1: almost eight years. UH, and it's been an incredible journey. UM.

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Speaker 1: But Discovery's journey really in the North Star that has

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Speaker 1: been the focus of it for over three decades, has

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Speaker 1: been really kind of following the consumer um, which I

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Speaker 1: think is as true then as it is now and

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Speaker 1: if you think about the evolution. It was one of

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Speaker 1: the first companies to UH in the in the early

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Speaker 1: nineties kind of move um internationally. It's actually first channel

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Speaker 1: was launching the UK, and that was because it thought,

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Speaker 1: you know what, this incredible content that we're producing and

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Speaker 1: stories are universal and we can tell not them just

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Speaker 1: a great American audiences, but we can tell them to

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Speaker 1: audiences around the world. And so they branched out, followed

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Speaker 1: the customer and took the content around the world over

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Speaker 1: the last three decades. Then secondly, that following the customer

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Speaker 1: led to the innovation of saying, okay, well we're doing

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Speaker 1: this in pay tell of vision. But at the end

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Speaker 1: of the day, there are many markets around the world

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Speaker 1: where pay television was underpenetrated, and so, again led by

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Speaker 1: the customer, people said, well, why don't we launch some

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Speaker 1: free to air channels and broaden the reach of our

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Speaker 1: content and our stories to more customers. And so we

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Speaker 1: are now the second largest broadcaster in Europe as an example,

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Speaker 1: UM through our freed air channels across Nordics, Poland, Italy,

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Speaker 1: UK Spain, Germany. Uh and so uh now we're in

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Speaker 1: sort of the next phase, which is obviously in this

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Speaker 1: director consumer world, is there are increasing number of customers

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Speaker 1: that obviously want to access content on on demand and

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Speaker 1: a direct consumer fashion. And we've embarked on that journey

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Speaker 1: with Discovery, plus the Warner team obviously has been in

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Speaker 1: that journey with HBO Max uh and uh. So where

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Speaker 1: that's the next chapter that we're leaning into heavily. And

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Speaker 1: I think when you look at those two companies coming together,

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Speaker 1: one of the things that is true about this director

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Speaker 1: consumer world is people want choice and they want simplicity.

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Speaker 1: Uh and UH. If you see obviously the the fairly

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Speaker 1: wide number of different streaming services that are available now.

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Speaker 1: I think people are starting to say, we'll wait a second.

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Speaker 1: You know, it would be great if, rather than forcing

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Speaker 1: the customer to understand what show is where, if more

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Speaker 1: of it were somehow more easily accessible. And I think

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Speaker 1: part of what is the incredible potential of this, these

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Speaker 1: two companies coming together is the unparalleled breadth of content

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Speaker 1: offering across all genres, whether it be lifestyle, factual UH,

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Speaker 1: some of the greatest traumas, UH, comedy, UM kids documentaries.

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Speaker 1: This is a powerhouse of unparalleled content offering. And what

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Speaker 1: we've got to work on here with the team as

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Speaker 1: we go through the process is figuring out how do

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Speaker 1: we take those that incredible offering and bring it to

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Speaker 1: customers in a simple UH and compelling fashion. UM. But

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Speaker 1: we think we have a incredible lineup of stories and

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Speaker 1: genres that HE is unmatched in the industry, and we're

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Speaker 1: excited to bring that to market just as soon as

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Speaker 1: we can, obviously get through the regulatory approval process and

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Speaker 1: and operationalize it. What have you learned, even in small levels,

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Speaker 1: even in some smaller markets, about how you know how

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Speaker 1: customers embrace streaming, how they embrace streaming versus linear and

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Speaker 1: how that changes what they're willing to pay for and

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Speaker 1: how they consume. We obviously have been at this for

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Speaker 1: several decades, and I'd say are the leading global media company, UH,

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Speaker 1: And so we have a lot of lessons. I think

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Speaker 1: Number one is it's not a one size fits all UM.

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Speaker 1: And that sounds simple, but the reality is, as I

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Speaker 1: always say internally, UH, the idea of international as a

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Speaker 1: single word is the greatest misnomer. UM. You know, this

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Speaker 1: is a collection of very different, very diverse, very rich

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Speaker 1: markets UM. Uh, and everyone is a little bit different.

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Speaker 1: Number one. Number two is UM you know. I think

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Speaker 1: what we see as part of our differentiation also compared

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Speaker 1: to others in the industry, is we've been at this

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Speaker 1: in producing not just great US content that obviously travels,

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Speaker 1: but we've been producing great local content in many of

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Speaker 1: the biggest markets there for decades. And so we have

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Speaker 1: a very unique combination of great international and US created

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Speaker 1: UH stories that travel and great local stories. And that

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Speaker 1: combination of great international and great local to US is

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Speaker 1: sort of the secret sauce that differentiates UM. A Discovery

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Speaker 1: Warner proposition, uh, compared to some of the others that

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Speaker 1: may be more just dominant US lead content offerings, and

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Speaker 1: the reality is to scale and a lot of these markets,

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Speaker 1: the US content is you know, very valuable, and that

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Speaker 1: d libraries incredibly valuable, and in the genres traditional genres

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Speaker 1: of discovery, UH, a lot of those stories are truly universal,

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Speaker 1: which is one of the great things that has allowed

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Speaker 1: us to expand and become the leading global media company.

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Speaker 1: Is you know, comedy isn't, as an example, is a

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Speaker 1: lot harder because comedy is much more national, much more local, uh,

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Speaker 1: and so doesn't necessarily travel as well. But stories about adventures, survival, lifestyle, um,

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Speaker 1: you know, uh, true crime, even you know, these are

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Speaker 1: genres that that are truly stories that resonate everywhere, and

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Speaker 1: so that is one of the great uniqueness. So not

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Speaker 1: one size fits all. You gotta tailor to the market,

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Speaker 1: and you've gotta have infrastructure on the ground. And I

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Speaker 1: think one of the other things that we've done over

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Speaker 1: these years is we've got people and teams that know

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Speaker 1: the local markets, that know the marketing app channels, and

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Speaker 1: know the production communities are producing stories um and close

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Speaker 1: to the greatest storytellers and all these markets. And we

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Speaker 1: are in a period also where content is traveling and

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Speaker 1: actually real credit to Netflix on this one, which is

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Speaker 1: really sort of flatten the world from a consumption standpoint

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Speaker 1: of international global content UM and great stories can come

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Speaker 1: from anywhere, and we think that again on this journey.

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Speaker 1: We're incredibly well positioned because we have decades worth of

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Speaker 1: storytelling at the international and local at the U S

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Speaker 1: and local international markets level, and we're looking forward to

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Speaker 1: bring that together as we roll out Discovery Plus and

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Speaker 1: as we figure out how best to bring this to

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Speaker 1: market in the in the Discovery Warner context. As the

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Speaker 1: delayed Tokyo Games get underway, how do you feel about

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Speaker 1: your investment in them and how you know, especially under

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Speaker 1: the kind of extraordinary circumstances that the Tokyo Games are

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Speaker 1: gonna unfold, how do you feel about that as an

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Speaker 1: investment for Eurosport? Right now, the Olympics are truly the

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Speaker 1: greatest event in the world um and then there's no

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Speaker 1: there's no bigger event in in media on a global

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Speaker 1: scale in the Olympics and the history of the Olympics,

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Speaker 1: if you look back over the last several ones, is

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Speaker 1: every games has a different narrative challenge building up to

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Speaker 1: the Games, whether it be doping or you know, the

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Speaker 1: preparations and the issues around real prep, and you know

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Speaker 1: Athens had a lot of the prep issues. And one

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Speaker 1: thing that's been consistent, a lot of that conversation happens

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Speaker 1: building up to the games, a lot of noise, a

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Speaker 1: lot of questions. Obviously, this one is not immune to

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Speaker 1: that either, with this unique COVID environment that we're all

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Speaker 1: fighting through. But the same one very important rule is

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Speaker 1: true in every single one of those cases. The minute

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Speaker 1: the flame gets lit, which as you said, has just

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Speaker 1: happened today, the focus turns to the athletes and the

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Speaker 1: incredible stories of these people who have persevered, particularly in

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Speaker 1: these last two years amidst you know, all the prep

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Speaker 1: they did, the postponement at retraining, retraining in very difficult situations. Obviously,

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Speaker 1: and while yes, the current one will be unique in

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Speaker 1: terms of obviously no crowds and limitations, but the flip

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Speaker 1: side is the great thing about the Olympics, which is

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Speaker 1: these unbelievable stories of human achievement UH and perseverance and

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Speaker 1: UH are going to be more true than ever in

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Speaker 1: the Tokyo Games and so UM we're excited to bring

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Speaker 1: those stories to the all the European viewers. We obviously

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Speaker 1: will be the home of the Olympics across all of

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Speaker 1: Europe UM effective now, and we will be providing UH

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Speaker 1: and LEANING in as we've launched Discovery Plus UH in

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Speaker 1: a handful of European markets. UH. The the only place

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Speaker 1: where you'll be able to get every minute of the

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Speaker 1: Olympics live will be on Discovery Plus in the UK,

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Speaker 1: the Nordics, Netherlands, Italy, UM, UH and and UH. And

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Speaker 1: then in markets where we haven't yet launched on Eurosport Player,

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Speaker 1: we'll have every moment in the Olympics live. And so

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Speaker 1: we have a unique proposition that we're excited to bring

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Speaker 1: the fans across Europe UM and we we're we're very

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Speaker 1: confident that it will continue to be a great event

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Speaker 1: that will unify the world and the frankly, the world

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Speaker 1: right now needs great stories to bring us together and

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Speaker 1: that show the resilience and the accomplishments of of humanity.

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Speaker 1: So the positives I think is meant to be the

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Speaker 1: sort of hallmark of of of these Tokyo Games at

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Speaker 1: these critical time. UM Sports, as you said, is a

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Speaker 1: complicated business. UM. But the flip side is, UH, what

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Speaker 1: we've also done as you've seen this so slight change

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Speaker 1: in our evolution is as we're rolling out Discovery Plus,

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Speaker 1: Sports and Entertainment, we'll sit together in the product UM

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Speaker 1: And just to be clear, Eurosport is going to be

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Speaker 1: integrated into the Discovery Plus platform. That's right. So it

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Speaker 1: are in the markets I describe before, it already is

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Speaker 1: essentially rolled into the Discovery Plus offering, so you can

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Speaker 1: have entertainment and you can have entertainment and sports. And

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Speaker 1: as we roll out Discovery Plus and more markets, the

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Speaker 1: same will be true across Europe, where you'll be basically

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Speaker 1: having one product. Back to the conversation we had earlier

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Speaker 1: about simplicity and choice, UH, that's kind of our north star,

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Speaker 1: focused on the customer and the consumer interests, and we

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Speaker 1: think the simplicity and choice and bringing that together in

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Speaker 1: enjoy the best of entertainment and real life entertainment, but

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Speaker 1: also be able to actually watch some of the premier

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Speaker 1: sporting events in the world, all within the same product offering,

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Speaker 1: UH is ever more compelling and so UM we're going

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Speaker 1: to continue to lean into it. We have a number

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Speaker 1: of different sports rights across Europe and we're into we're

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Speaker 1: really folk based on rolling the great eurosport and sports

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Speaker 1: content overall into the Discovery Plus offering for consumers. So

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Speaker 1: you have to be I mean the timing of these

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Speaker 1: delayed games. At the time that you're rolling out Discovery Plus,

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Speaker 1: you have Olympics as a very strong you know, almost

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Speaker 1: your your burker is the Olympics rights that are Can

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Speaker 1: you talk about how how you have sliced up those rights?

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Speaker 1: How are you presenting them on Eurosport So um, we

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Speaker 1: obviously have certain obligations with the IOC for a certain

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Speaker 1: amount of free to air coverage, which we do either

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Speaker 1: on our own channels or with sub licensed partners in

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Speaker 1: individual markets. UM. But as I mentioned earlier, the key thing,

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Speaker 1: UH will be that really Discovery Plus and Eurosport Player

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Speaker 1: in the markets were Discovery Plus is not yet available,

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Speaker 1: will be the only place that you can get every

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Speaker 1: single minute live. So if you know there's over three

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Speaker 1: thousand live event hours uh of the Olympics in the summer,

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Speaker 1: um and the only place where you can literally if

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Speaker 1: you're a fan of the sports and you don't want

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Speaker 1: to necessarily figure out, you know, what's on here, what's

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Speaker 1: on there? You know you through the Discovery Plus subscription

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Speaker 1: or U Sport Player subscription, you don't have to think

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Speaker 1: of any of that. It will be personalized, tailored to you,

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Speaker 1: and you have every minute of the games which you

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Speaker 1: can access um live through uh either either service. And

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Speaker 1: as we get to Beijing, which is obviously in the

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Speaker 1: winter and six months away and has been prepared for Paris,

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Speaker 1: which will be a huge homecoming of the Games across Europe,

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Speaker 1: and by that point in time, we obviously will be

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Speaker 1: much further along in terms of rolling out Discovery Plus

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Speaker 1: or whatever. The subsequent product at that point will be

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Speaker 1: um we uh we. We can't wait to use this

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Speaker 1: incredible event to bring more and more people into the

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Speaker 1: tent and into the fold and experience not just the

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Speaker 1: games but all the other content that will come with it,

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Speaker 1: uh uniquely on on our Discovery class and streaming platform.

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Speaker 1: And do you there, the excitement level and the buzz

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Speaker 1: and the traction is enough to get you the sponsorship

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Speaker 1: and they get the traction in the revenue generating areas

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Speaker 1: that you need to justify the rights of fees like

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Speaker 1: you feel like this has been a good investment for Eurosport. Absolutely,

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Speaker 1: I mean it is. There's look, as we were talking

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Speaker 1: about it's it is. Sports is an expensive proposition by

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Speaker 1: its nature, but it's also a beacon, uh and a

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Speaker 1: as David Zaslow says, in terms of, you know, thinking

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Speaker 1: about stuff in the subscription world where people will pay

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Speaker 1: for it before they'll pay for dinner, sports is at

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Speaker 1: the very top of that pyramid because it draws a

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Speaker 1: passion and an interest that is almost like nothing else

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Speaker 1: in the world. And so it's a very powerful tool. Um.

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Speaker 1: And we're excited to have the pre eminent event uh

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Speaker 1: for Tokyo, for Beijing and then on to Paris to

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Speaker 1: help us on this journey continue to scale and get

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Speaker 1: Discovery Plus in front of more and more audience and

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Speaker 1: consumers over the next you know, two or three years,

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Speaker 1: how much you talked about the need for tailoring and

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Speaker 1: customizing for individual markets. I imagine that you're doing that

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Speaker 1: for the within the Discovery Plus platform as well. Or

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Speaker 1: is that more of a uniform offering now it's all

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Speaker 1: very customized because Uh, at the end of the day, again,

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Speaker 1: in every market, we have a combination of what will

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Speaker 1: be consistent is sort of the deep and rich library

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Speaker 1: of US LED content will be available on all the

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Speaker 1: different platforms. But what is different in every market is

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Speaker 1: UH the other part of the equation, which is the

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Speaker 1: great local content. And so whether you're you know, in

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Speaker 1: UH in Norway and all of our great Norwegian series

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Speaker 1: and comedies, etcetera that will complement the service, or in

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Speaker 1: Italy with all the great Italian content and the years

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Speaker 1: of of US being the number three broadcaster there and

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Speaker 1: being able to provide all the content provide war. If

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Speaker 1: you're in Brazil UH and you have all of our

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Speaker 1: local Brazilian content that we commission UH, it will be

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Speaker 1: a a. And then again, sports obviously is a layer

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Speaker 1: on top. So it's not a uniform global offering other

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Speaker 1: than the kind of core elements of it. In terms

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Speaker 1: of the US LED UH factual programming. UH is consistent

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Speaker 1: UH generally everywhere in terms of its offering, but it's

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Speaker 1: then supplemented with incredibly strong local entertainment content, local factual

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Speaker 1: content and sports in select markets don't go anywhere. We'll

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Speaker 1: be right back with more from Discovery International CEO J. B. Perrett,

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Speaker 1: and we're back with more from Discovery International CEO J B.

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Speaker 1: Per Where do you see either areas for expansion for

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Speaker 1: you or areas markets where you see real growth? Where

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Speaker 1: do you see opportunity right now? Internationally? I think there's

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Speaker 1: a couple of different areas that if you think about it,

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Speaker 1: UM there are still as a percentage, you know, we

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Speaker 1: think of the US UM and and pay TV penetration

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Speaker 1: in the US, which obviously had hit you at its

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Speaker 1: peak five you know, almost ninety and has obviously come

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Speaker 1: down a bit, but streaming is sort of a different

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Speaker 1: version of it's still pay television in outside of outside

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Speaker 1: of the US, there are many many big markets, take

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Speaker 1: Italy as an example, where uh the entry price of

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Speaker 1: traditional package of PayTV yet sort of forty dollars plus

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Speaker 1: or fifty dollars plus has uh capped the the potential

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Speaker 1: and where penetration of that kind of an offering has been,

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Speaker 1: you know, not more than at its peak. And so

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Speaker 1: you have of the audience and the customer base that

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Speaker 1: UM just never found that compelling enough and the price

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Speaker 1: point may be too high as an entry price point

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Speaker 1: for them to experiment in some of the premium content,

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Speaker 1: and so our ability to take our product offering and

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Speaker 1: sort of this uh in this you know, five to

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Speaker 1: seven dollar price range um uh and bring it to

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Speaker 1: market with partners like Telecom Italia the mobile partner like

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Speaker 1: a Vota phone UM and bring their enormous mobile bases

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Speaker 1: which are you know, in some cases ten x the

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Speaker 1: size of the traditional PayTV universe. We have an enormously

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Speaker 1: bigger serviceable addressable market number one and number two, we

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Speaker 1: have an tree price point and a package uh and

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Speaker 1: a service offering that is way more compelling at a

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Speaker 1: price point that's way more attractive for people to experiment

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Speaker 1: and get in with than historically what was priced that

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Speaker 1: you know, again ten x higher than where we are.

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Speaker 1: So for us, that's probably the single biggest opportunity is

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Speaker 1: getting more people uh exposed to our content with a

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Speaker 1: great new product um and user experience that they can

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Speaker 1: you know, enjoy uh on their own schedule and on

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Speaker 1: their own time UH and uh, and working with partners

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Speaker 1: who can help deliver that too. Uh. You know, hundreds

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Speaker 1: of millions of more users than we ever were historically

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Speaker 1: when we were you know, sort of stuck in the

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Speaker 1: higher priced PayTV packages and bundles, which are still compelling

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Speaker 1: by the way for a certain customers segment. So I know,

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Speaker 1: oftentimes this is sort of made into a debate of

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Speaker 1: you know, does pay TV die and streaming win. Our

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Speaker 1: view is look over the decades when pay television originally

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Speaker 1: came out in the eighties, people, and then in the

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Speaker 1: nineties started to get traction, people settling broadcast is gonna die,

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Speaker 1: and broadcast is still alive and and well, and yes,

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Speaker 1: audiences just shifted, but it's still a pretty healthy business

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Speaker 1: and has made you know, a ton of money over

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Speaker 1: the years, um. And so for us, it's not about

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Speaker 1: the death of one and the survival of another, but

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Speaker 1: it's about geography shifts, and we like this idea of

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Speaker 1: being able to superserve customers, some of whom will want

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Speaker 1: to continue to watch linear channels. Maybe those are slightly

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Speaker 1: you know, an older demographic, UM, but we don't want

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Speaker 1: to exclude them. And so the linear channels are still

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Speaker 1: important in that respect. H and free to air is

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Speaker 1: still valuable from that respect and gives us also a

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Speaker 1: great marketing and promotional channel to drive these other products.

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Speaker 1: Pay TV is still vibrant and healthy. And then we

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Speaker 1: have this whole new uh customer segment that does want

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Speaker 1: UH have access on a direct a consumer basis and

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Speaker 1: a more flexible uh kind of ability to choose smaller

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Speaker 1: packages of their liking. And that's a whole new customer

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Speaker 1: segment for us to go after, and frankly a bigger

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Speaker 1: one given the scale that we just talked about of

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Speaker 1: of people who might be interested in that at that

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Speaker 1: price point versus the higher price you know, bigger bundles.

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Speaker 1: Um JP. Tell me a little bit about yourself. How

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Speaker 1: did you get into the business of international television. Where

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Speaker 1: did you grow up? So? I I I'm I'm a hybrid.

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Speaker 1: So my father's French, my mother's American, UM, hence the

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Speaker 1: accents American, and the name is French. UM. I grew

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Speaker 1: up in uh in New York mostly New York City,

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Speaker 1: was born and raised in New York City. UM in Manhattan,

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Speaker 1: which people sort have always sometimes scratched theirhead and didn't

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Speaker 1: realize that people actually do grow up and live in Manhattan.

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Speaker 1: Are born and raised in Manhattan. Uh. And my father

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Speaker 1: is from Brittany in the northwest part of France, and

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Speaker 1: so I have very strong ties there and it's about

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Speaker 1: everything summer of my life. Uh there Uh, so I'm

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Speaker 1: sort of by I'm a different Bi coastal uh, East

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Speaker 1: coast and and and French coast um. UH. And I

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Speaker 1: I came in um to the media business in in

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Speaker 1: two thousand UM, starting at NBC in business development and

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Speaker 1: then has spent the last you know, over two decades

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Speaker 1: of working here. And I've had the great privilege early

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Speaker 1: on in my career at NBC of coming uh into

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Speaker 1: contact with David Zaslow UH and UH have been a

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Speaker 1: huge fan and he's been an enormous uh not just

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Speaker 1: UH you know, mentor and UH guide, but somebody I've

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Speaker 1: learned a ton from and obviously respected from very early

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Speaker 1: on and had the great privilege of working with him

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Speaker 1: for the last two decades UM. And so UH that's

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Speaker 1: been a huge obviously part of my journey. UH. And

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Speaker 1: I took this job and I joined Discovery in two

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Speaker 1: thousand and eleven, UH and took this job in two

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Speaker 1: thousand fourteen. UM. And then one other note I'd say

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Speaker 1: is which I think back to this sort of evolution

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Speaker 1: of the industries, you know, back in two thousand six

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Speaker 1: when David and I actually when David was still at NBC,

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Speaker 1: we had just finished actually the the the Torino Games Olympics,

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Speaker 1: and there was this little thing called YouTube that was

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Speaker 1: starting to take off in a major way and had

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Speaker 1: taken off with a lot of clips from that time

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Speaker 1: Saturday Night Live exactly but clearly showed the appetite and

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Speaker 1: the desire from the consumers to access this stuff. And uh,

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Speaker 1: you know, Google bought it for a billion six I

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Speaker 1: think it was at the time, and David and I

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Speaker 1: looked at each other and said, you know, why can't

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Speaker 1: we do this? Um, And that was the beginning of

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Speaker 1: our conversations around trying to create what then later became Hulu. Uh.

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Speaker 1: And we went around and talked to all the different

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Speaker 1: partners and it turned out that Fox and some of

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Speaker 1: the others have been talking about something similar. And you know,

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Speaker 1: despite the fact that media joint ventures have a graveyard

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Speaker 1: that is very, very large. UM, we thought it was

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Speaker 1: compelling enough that we should try and pull it off.

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Speaker 1: And you know, obviously I think two lessons there is

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Speaker 1: number one. We're always focused on, you know, uh, if

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Speaker 1: the consumer, if there's a consumer demand and interest, you

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Speaker 1: gotta need to try and figure out how you fulfill it, because,

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Speaker 1: particularly in the digital age, if you don't fulfill that

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Speaker 1: somebody else will and it may not be legitimate um

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Speaker 1: in many cases. And so being really kind of consumer

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00:26:43,440 --> 00:26:48,879
Speaker 1: focused was an early indicator there. Uh. And second point

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00:26:48,920 --> 00:26:51,680
Speaker 1: is that you know it's an evolution still because when

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00:26:51,680 --> 00:26:54,560
Speaker 1: I think back to we did that, we finally made

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00:26:54,600 --> 00:26:58,520
Speaker 1: the joint venture happen and launched in two thousand seven,

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00:26:59,560 --> 00:27:04,600
Speaker 1: you know, that's approaching fifteen years ago. And you know,

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00:27:04,680 --> 00:27:06,960
Speaker 1: so much has evolved in the fifteen years, but fifteen

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00:27:07,000 --> 00:27:09,040
Speaker 1: years a long time, and yet I feel like we're

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00:27:09,080 --> 00:27:12,800
Speaker 1: still in the infancy of this of this new era.

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00:27:13,600 --> 00:27:16,040
Speaker 1: And despite the fact that people were talking about streaming

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00:27:16,080 --> 00:27:18,240
Speaker 1: wars and all this, you know, we've got there's a

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00:27:18,280 --> 00:27:20,480
Speaker 1: long way to go still in the evolution. And when

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00:27:20,480 --> 00:27:22,439
Speaker 1: you think about it, particularly on a global level, not

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00:27:22,480 --> 00:27:25,800
Speaker 1: just a US lens, but a global lens, there are

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00:27:26,119 --> 00:27:29,160
Speaker 1: plenty of territories where it's just it's the early innings

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00:27:29,400 --> 00:27:32,560
Speaker 1: of this streaming game. And uh, I must say, I

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00:27:32,600 --> 00:27:36,240
Speaker 1: can't wait. When you look at the lineup and the

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00:27:36,320 --> 00:27:40,000
Speaker 1: content offering and the potential of what the Warner and

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00:27:40,040 --> 00:27:45,520
Speaker 1: Discovery combination can bring. Um, you know, I think there's

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00:27:45,560 --> 00:27:48,760
Speaker 1: without question we can be one of the top three

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00:27:48,840 --> 00:27:51,920
Speaker 1: leaders in this streaming space over time as these two

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00:27:51,920 --> 00:27:54,280
Speaker 1: companies come together, and I think that's the incredibly exciting

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00:27:54,280 --> 00:27:57,640
Speaker 1: potential that that we're getting more and more excited about

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00:27:57,680 --> 00:28:06,959
Speaker 1: every day. Thanks for listening. Be sure to leave us

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00:28:06,960 --> 00:28:10,440
Speaker 1: a review at Apple Podcasts. We love to hear from listeners,

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00:28:10,880 --> 00:28:13,199
Speaker 1: and be sure to tune in next week for another

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Speaker 1: episode of Strictly Business