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Speaker 1: Ye. Welcome to Strictly Business Varieties weekly podcast featuring conversations

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Speaker 1: with industry leaders about the business of media and entertainment.

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Speaker 1: I'm Cynthia Littleton, co editor in chief of Variety Today.

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Speaker 1: My guest is Melody Hobson, President and co CEO of

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Speaker 1: Aerial Investments. The respected media investor has a thirty thousand

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Speaker 1: foot view of the global economy through her purcha as

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Speaker 1: a board member for such corporate giants as Starbucks and

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Speaker 1: JP Morgan Chase. She's also a prominent speaker on issues

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Speaker 1: of diversity and equity in corporate America. She shares her

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Speaker 1: thoughts here on what the industry's biggest players need to

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Speaker 1: do to make progress in this moment that she sees

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Speaker 1: as something like quote civil rights three point oh in

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Speaker 1: America end quote. Melody has a lot to say. Thank

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Speaker 1: you so much for joining us. Thanks for having Melody.

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Speaker 1: You have spoken often and very eloquently about the the

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Speaker 1: obligation of directors of public companies to serve in those

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Speaker 1: boardrooms as not rubber stamps, but advocates and almost investigators

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Speaker 1: for shareholders. They directors really do have a fiduciary duty

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Speaker 1: on paper, and they need to uphold it to represent

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Speaker 1: the interests of shareholders. You serve on several large, very

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Speaker 1: large public company boards as stay Lauder, Starbucks. You were

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Speaker 1: chair of DreamWorks Animation in its final years. I love

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Speaker 1: your perspective on how being a director at an entertainment

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Speaker 1: company is different from working in other sectors. What is

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Speaker 1: it that is that is different or more challenging or

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Speaker 1: more invigorating about the content business? Wow, that is a

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Speaker 1: great question. I don't think that being on the board

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Speaker 1: of an entertainment company is fundamentally different than being on

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Speaker 1: the board of a coffee company like Starbucks where I am,

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Speaker 1: or a bank like JP Morgan. I think the issues

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Speaker 1: come uh in different versions. But I think at the

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Speaker 1: end of the day, the the the issues that boards

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Speaker 1: confront are really universal issues. So I don't see them

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Speaker 1: as being fundamentally different from your time and DreamWorks and

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Speaker 1: your exposure to other, you know, other wide types of

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Speaker 1: media companies. Is there anything Is there anything that stands

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Speaker 1: out in your mind that is challenging at the director

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Speaker 1: level about the content business, which, as everybody knows, it's

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Speaker 1: not a widget business. It's not making a certain type

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Speaker 1: of of lipstick or you know, there's so much subjectivity

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Speaker 1: that goes into the product. You know. The thing is

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Speaker 1: everything is being disrupted everything. You know, when you're in

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Speaker 1: a certain industry, you always think it's just you. I

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Speaker 1: mean the asset management business that has been disrupted by

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Speaker 1: passive management. When I was on the board of Esta Lauder,

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Speaker 1: the whole role of department stores was changing and they

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Speaker 1: were responding to that. When you look at media, you

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Speaker 1: have the disruption that's been very real, the the combinations

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Speaker 1: that have gone on. Obviously the destructions by technology because

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Speaker 1: they're streaming and the like, and so I just don't

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Speaker 1: think if you look at it any industry right now,

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Speaker 1: the disruption is rampant, and so I don't think that

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Speaker 1: it's a question of one being harder than the other.

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Speaker 1: I think it's a question of how do you deal

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Speaker 1: with that disruption. I love the line from Warren Buffett

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Speaker 1: was as champions adapt, And I think the great thing

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Speaker 1: about the rooms that I've been in, I've been in

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Speaker 1: rooms with champions, and so they figured out ways to

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Speaker 1: adapt to the disruption that has come at them and

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Speaker 1: ultimately how to survive or thrive. Can you give an

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Speaker 1: example of, like how you've seen a CEO or or

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Speaker 1: a leadership team or spawn to like, you know, an

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Speaker 1: existential level of disruption, like how do you how do

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Speaker 1: you lead through it? If you don't know you know

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Speaker 1: where the path is going? Well, that is that's the

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Speaker 1: whole game. I mean, that's why CEOs get paid the

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Speaker 1: big box. You know, you've got to be able to

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Speaker 1: see around corners, you know, as Wayne Gretzky said that

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Speaker 1: that's saying that has been probably overused. Go where the

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Speaker 1: puck is going to be. I mean, that's the whole point. Um.

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Speaker 1: If it were easy, everyone would do it. And so

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Speaker 1: I think that we've seen leadership in lots of ways.

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Speaker 1: Lots of CEOs have have really pivoted in ways that

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Speaker 1: are quite remarkable. I mean, let's look at Netflix. It

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Speaker 1: used to be a DVD in the mail. When they

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Speaker 1: made that decision to switch to to online and the like,

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Speaker 1: I mean, it just was a game changer, obviously in

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Speaker 1: a lot of ways. I'm sorry, a subscription model was

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Speaker 1: a game changer for them, but it was a bold

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Speaker 1: and I'm sure at the time very scary move. And

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Speaker 1: obviously we're seeing some of these things right now with Disney.

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Speaker 1: I mean, existential factor, COVID there are no movie theaters,

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Speaker 1: and therefore the streaming part of their business has become

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Speaker 1: very very important. And you know, I thought it's fascinating

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Speaker 1: they've blown out their projections in a year. They're in

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Speaker 1: year four of their own projections, which was again everything

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Speaker 1: being disrupted, everything being accelerated, accelerated by COVID, which may inevitably,

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Speaker 1: I know, there's so much pain and anguish and death

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Speaker 1: and destruction has come from this pandemic, but that may

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Speaker 1: ultimately be a silver lining for them. The there's no

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Speaker 1: question that the the acceleration of trends that we're already

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Speaker 1: ongoing by the pandemic is going to be from an

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Speaker 1: economic you know, it'll take ten years, but we will

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Speaker 1: figure you know, at some point we'll look back and

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Speaker 1: think and see those mild markers of this moment. For sure,

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Speaker 1: it might be less than ten years. That's the thing,

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Speaker 1: because things are happening so quickly. Um, I don't think

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Speaker 1: the old rules of why. In the last couple of years,

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Speaker 1: there's been heightened focus on the status of women in

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Speaker 1: boardrooms and c suites and in companies in in Hollywood

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Speaker 1: as well as other you know, other sectors of the economy.

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Speaker 1: Can you talk about your experience in in looking at

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Speaker 1: governance and how they handle diversity and the promotion of women.

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Speaker 1: Are there examples of companies that you can think of

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Speaker 1: that have you know, programs or pipelines that are really working.

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Speaker 1: We've heard so much about you know, pipelines of talent

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Speaker 1: to advancement being such problems. Can can you think of

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Speaker 1: anybody in your experience that's really doing it well? Well,

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Speaker 1: It's interesting because the boards that I've been on, they've

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Speaker 1: always had a lot of women leaders. I had to

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Speaker 1: say we had a lot of women leaders at dream

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Speaker 1: Works and daily many of the people inside of production

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Speaker 1: et cetera, um were women who were exemplary. I mean

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Speaker 1: I could I could call out so many. Um. The

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Speaker 1: same is true of Starbucks if you look at leaders there,

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Speaker 1: I mean we have a general counsel that's a woman,

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Speaker 1: head of human resources as a woman Ross Brewer, or

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Speaker 1: a CEO of the company of the woman, the person

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Speaker 1: who runs America for all the stories for the woman

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Speaker 1: I mean the prison and went to China is a woman.

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Speaker 1: I could just go on and on. So the leadership

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Speaker 1: of women there and had a technology. I mean I

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Speaker 1: could keep going and look at if you morgan the

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Speaker 1: same sort of thing. If you look at that operating committee,

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Speaker 1: it is has a very strong population of women at

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Speaker 1: the top of that organization, and so um at least

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Speaker 1: in the rooms that I've been in, that was certainly

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Speaker 1: to invest the Lotter, which you know obviously as a

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Speaker 1: company where ninety of their products are bought by women,

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Speaker 1: women are really taking a very senior and leading role

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Speaker 1: in that organization as well. So I had to say,

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Speaker 1: I've been very fortunate that I haven't been in rooms

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Speaker 1: where it was a problem that had to be addressed. More.

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Speaker 1: I've been in rooms where there was real attention hate

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Speaker 1: to gender leadership and where I saw real outcomes that

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Speaker 1: were very very positive. I think it's something you always

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Speaker 1: have to be intentional about, so you don't just sort

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Speaker 1: of hope it happens. I think when it comes to

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Speaker 1: gender and race, you have to make sure that you're watching,

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Speaker 1: because you can find yourself falling backwards if you're not

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Speaker 1: very careful. But fortunately the rooms that I've been in

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Speaker 1: that if you live in front and centers on gender,

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Speaker 1: and that's where I think right now we need to

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Speaker 1: get to that same level as it relates to race.

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Speaker 1: Whether it's the women or race. Is it. It sounds

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Speaker 1: like it's like deeply grooted in the culture of a

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Speaker 1: company that there is inclusion. Is that is that kind

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Speaker 1: of what what you found? I think leadership matters, and

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Speaker 1: you want to make sure you have people who believe

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Speaker 1: in these values because if they don't, you're not the

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Speaker 1: company is not going to represent or be representative of

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Speaker 1: the society that we live in. I think words also

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Speaker 1: have to be very intentional and they're questioning on these issues,

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Speaker 1: and again make sure they hold organizations accountable. I always

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Speaker 1: talk about if it matters, it counts. Start counting, just count.

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Speaker 1: I love that saying math has no opinion. Look at

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Speaker 1: the organization from top to bottom. Start at the board,

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Speaker 1: look by ethnicity and gender. No multicultural umbrella where you

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Speaker 1: put everyone together and you know, roll it all up

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Speaker 1: so the numbers look great. By counting by ethnicity and gender,

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Speaker 1: you see where the under representation is. You do the suite,

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Speaker 1: C suite, you do the next level of executives all

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Speaker 1: the way down. No patting yourself from the back giving

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Speaker 1: some big ethnicity number when your ethnicity comes from the

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Speaker 1: assistant level. That doesn't work. So if you count by level,

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Speaker 1: starting at the board, making sure that the board is

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Speaker 1: holding the organization accountable. I believe also you get what

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Speaker 1: you incent and I think incentives type to diversity. Actually

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Speaker 1: that loves the need all um because people are motivated

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Speaker 1: by their own self interests and pay being one of them.

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Speaker 1: And for most things in corporate America that matter, we

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Speaker 1: have incentives tied to them, box office receipts, it could

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Speaker 1: be eyeballs, it could be a product, lad could be earning,

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Speaker 1: it could be profitability didn't go down all sorts of

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Speaker 1: of um issues and seeing metrics and incentives tied to

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Speaker 1: them in corporate America. So why should something is crucial

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Speaker 1: as diversity, which we all say is a missuing critical,

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Speaker 1: also have incentives tied or tied to it. You're like,

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Speaker 1: you know, in writing measurable actionable goals of hiring, of content,

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Speaker 1: of you know, whatever it be. Is your sense as

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Speaker 1: an investor and as a board member like that that

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Speaker 1: is becoming more the norm, or is it? We think

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Speaker 1: that it's still something that the companies yet to fully embrace.

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Speaker 1: I think it's early days, but I think the train

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Speaker 1: is leaving the station on this one. So I think

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Speaker 1: now the heat is on this issue is limited at

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Speaker 1: the feet of corporate America, and there's nowhere to hide,

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Speaker 1: there's nowhere to go. Um. I've really talked about I

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Speaker 1: almost see this as as civil rights three point oh

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Speaker 1: in America. You know, maybe the the Civil War was

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Speaker 1: one version, the nineteen sixties one another, and this is another.

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Speaker 1: That nine sixties version was around government, government policies, laws

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Speaker 1: and the life. And this is now about corporate America

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Speaker 1: and what is corporate America going to do? It is

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Speaker 1: where that at the feet of corporate America in a

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Speaker 1: very different way than ever before, and there's no avoiding

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Speaker 1: it because of the viral nature of our society. Not

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Speaker 1: only are our employees going to hold us accountable, our

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Speaker 1: vendors are asking questions about it, our customers are asking

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Speaker 1: questions about these issues. And the larger society is holding

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Speaker 1: us accountable. And so I do think it's a new

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Speaker 1: day and therefore on these issues, they're the ball is

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Speaker 1: just getting rolling. But I think words to recognize, they

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Speaker 1: have to be able to demonstrate, uh cause nfac just

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Speaker 1: in general, as an investor right now, how do you

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Speaker 1: size up the you know, the kind of the traditional

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Speaker 1: entertainment industry it is going through seismic shifts. Is it's

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Speaker 1: so disrupted right now that you would as an investor

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Speaker 1: kind of shy away from it, or do you see

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Speaker 1: a lot of opportunity and all of that dismantling. We

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Speaker 1: see a lot of opportunity. Yeah, we don't try await

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Speaker 1: from it at all. Remember we are we're countrarian investors,

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Speaker 1: and we're looking to go where others, for whatever reason,

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Speaker 1: we think they're missing something, they don't understand something, don't

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Speaker 1: they don't see what we see. UM. Earlier this year,

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Speaker 1: we've we've been in and out of viacom CBS now

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Speaker 1: via com CBS. We bought our first years of those

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Speaker 1: two companies when they were separate during the financial crisis,

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Speaker 1: and that that being a phenomenally good investment for us,

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Speaker 1: both of them. And then when the when the trip

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Speaker 1: the murder happened between the companies or the acquisition, I

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Speaker 1: should say, um, the stocks the stock just got humbled,

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Speaker 1: as many people know UM and went to two times earnings,

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Speaker 1: which is just like I mean, I say that with

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Speaker 1: an exclamation point because that's just really cheap. And we

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Speaker 1: we became aggressive buyers, especially in March, and that's been

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Speaker 1: a really good uh return for us in a really

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Speaker 1: good story in terms of what is in terms of

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Speaker 1: what has happened there and that with that company. But

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Speaker 1: there are other places that we've been in the media

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Speaker 1: space over the years and and you know, it's it's

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Speaker 1: it's a space we know very very well compared to

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Speaker 1: other sectors. Is there in terms of evaluating success, evaluating

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Speaker 1: leadership and goals? Is there anything challenging about Hollywood because

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Speaker 1: the product is so different other types of of you know, manufacturing,

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Speaker 1: our services, service business. I guess we don't see it

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Speaker 1: that way. We see it as a very specific kind

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Speaker 1: of product. And the challenge obviously of late has been

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Speaker 1: the conversation around distribution. That challenge has been the conversation

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Speaker 1: around competition, and that is also created opportunity. Uh. You know,

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Speaker 1: obviously it's been a consolidating industry. We've seen the industries

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Speaker 1: consolidate and then we've seen them break apart. This is

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Speaker 1: not new. This is is a dissert in many ways

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Speaker 1: in terms of what has happened time and time again

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Speaker 1: in business. Um. But what we're looking at is you're

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Speaker 1: looking for companies that are brands or franchises. We're looking

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Speaker 1: for businesses that we think over the long term, they

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Speaker 1: have a niche or remote around them that make them

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Speaker 1: better than their competition. And as I suggested, we recognize

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Speaker 1: in an in a world where everything has been disrupted,

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Speaker 1: that does create some fallout and some wreckage, but also

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Speaker 1: creates a tremendous amount of opportunity. You still have the

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Speaker 1: domination of certain organizations that have only gotten stronger and better.

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Speaker 1: In my view, Um, we don't at a real own Disney,

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Speaker 1: but I watched Disney very closely, and Disney is an

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Speaker 1: example of a company that's been very, very smart about

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Speaker 1: what they've done as this industry is consolidated. You know, Pixar,

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Speaker 1: starting with Pixar, Lucasville, Marvel, Um, and then what they've

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Speaker 1: done with streaming. I mean there's Fox, I mean there's

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Speaker 1: there's a bold Bibber has had some very bold leadership,

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Speaker 1: bold ideas, and this next frontier around streaming. I think

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Speaker 1: they've been bold about that too with their recent announcements. So,

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Speaker 1: I mean, we don't see it as being harder than

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Speaker 1: other things. It's just different. You know. I can tell

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Speaker 1: you banks are hard, and I can go through all

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Speaker 1: sorts of areas that are really really hard. Um, they're

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Speaker 1: hard in their own way. Um, but not not not

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Speaker 1: in a way that that makes it more challenging than

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Speaker 1: analyzing other areas of American business or businesses around the

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Speaker 1: globe for that matter. How does when you bring up

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Speaker 1: Bob Iger, Um, we're obviously closely watching, you know, the

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Speaker 1: transition at Disney. He is enormous CEO shoes to follow

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Speaker 1: as a director when you go through that kind of

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Speaker 1: a shift, especially from somebody having coming off a long

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Speaker 1: run of a lot of success. Is there like a

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Speaker 1: boot camp for new CEO s? Is there is there

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Speaker 1: something that that, particularly at the governance level, that the

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Speaker 1: board can do to you know, support a new CEO.

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Speaker 1: I feel, you know, Bob Jpeg again, he's following Babe

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Speaker 1: Ruth and lou garreg and Tom Brady. I'll rolled into one. Well, listen,

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Speaker 1: I think that you know, he's worked along side of

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Speaker 1: Bob Iger from what I understand, for quite a while. Um,

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Speaker 1: I don't think there's a boot camp. I don't know

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Speaker 1: how they run their board or their company. I could

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Speaker 1: not in any way suggest to speak to how they're

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Speaker 1: managing that transition. So far, so good. It looks like

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Speaker 1: from the outside, and obviously by Biker is also still there.

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Speaker 1: I think that um what I've been in companies that

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Speaker 1: have had transitions. You know, that's what boards are for succession,

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Speaker 1: That's what it all comes down to. That's one of

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Speaker 1: the biggest jobs you have as a board is to

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Speaker 1: understand who's going to run the company, who's next in line.

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Speaker 1: Really having a good sense of leadership, that's essential at

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Speaker 1: the end of the day. And so I think boards

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Speaker 1: in general, no matter if you have a great leader,

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Speaker 1: life lab viser, or a CEO that has struggled, I

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Speaker 1: think they've been an equal amount of time on leadership

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Speaker 1: and at the end of the day, that's what ultimately

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Speaker 1: makes for success or failure with most businesses. Let me

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Speaker 1: just in general, your sense of the macro economy are

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Speaker 1: we Is it too soon to say that we're inching

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Speaker 1: our way out of the worst of it? No? No, No,

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Speaker 1: think the market is already. You know, everyone keeps saying,

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Speaker 1: you know, how could this market be so strong? Well,

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Speaker 1: part of it is the fangs, which we know plus

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Speaker 1: Microsoft that it really dominated the large caps docks and

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Speaker 1: a big part of the index at this point. But

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Speaker 1: I think the other part of it is that the

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Speaker 1: market anticipates the future, and the market anticipates the future

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Speaker 1: with a vaccine, and that future is it feels like

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Speaker 1: it's forever. But in the world of invest thing it's

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Speaker 1: around the corner when you're thinking about next spring or

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Speaker 1: next summer, and I think the most important thing is

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Speaker 1: just to get to the other side. And it's interesting

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Speaker 1: because I heard Bill Miller, who's a very very famous

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Speaker 1: portfolio manager, say, you know, none of us gets on

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Speaker 1: an airplane thinking about smallpox because we have a vaccination

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Speaker 1: for it. And it will be like that, like that

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Speaker 1: with COVID nineteen. At some point will be vaccinated and

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Speaker 1: the world will move on and hopefully we'll be more

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Speaker 1: prepared for the inevitable next time. But the bottom line is,

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Speaker 1: I think it uh. There will be ups and downs.

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Speaker 1: The election creates uncertainty for sure, and so there I

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Speaker 1: can't say that we won't have volatility. We will likely

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Speaker 1: have more volatility, not less. But I think big picture,

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Speaker 1: big big picture, three to five years from now, when

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Speaker 1: we're looking back on this, it'll be a distant memory.

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Speaker 1: I've read a lot of concern about, you know, a

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Speaker 1: new level of a new normal for the kind of

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Speaker 1: chronically unemployed. Is the unemployment piece of this slowdown? Is

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Speaker 1: that concerning to you at all? That? The rest concerning

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Speaker 1: to thing to me right now is the stimulus chats.

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Speaker 1: I mean that is where I feel like we could

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Speaker 1: really really hurt ourselves. I think Congress did a very

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Speaker 1: good job this summer of putting hands and money in

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Speaker 1: the hands of people who needed it desperately. And I

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Speaker 1: think now we're at the point where people are running

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Speaker 1: through their savings and things are getting very, very very tight.

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Speaker 1: That has me very worried about an economic recovery if

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Speaker 1: we go too deep into the whole in terms of

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Speaker 1: individual death and the life. And so I think that

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Speaker 1: more than thinking about a big job story the most

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Speaker 1: the more immediate issue to me is, uh, this economic stimulus. Now.

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Speaker 1: The sad thing is it looks like we're not going

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Speaker 1: to have it before the election. And this is this

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Speaker 1: is this is just so sad because this is not

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Speaker 1: about weeks. It's like everyday matters at this point, especially

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Speaker 1: for those who have food insecurity and housing insecurity. It's

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Speaker 1: just to me unconscionable what is happening right now. And

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Speaker 1: it does have a longer term effect, but I think

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Speaker 1: big picture. Once you get to a post vaccine economy,

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Speaker 1: I think you will start to see, like we start

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Speaker 1: with saw with someone opening in the summer, jobs come back.

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Speaker 1: But I'm concerned about the poverty that will be created

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Speaker 1: along the way, especially when you think about school children.

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Speaker 1: It's just heartbreaking that to think that there's some that

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Speaker 1: there's a new level of halves and have nots those

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Speaker 1: that you know, we've seen the stories of people having

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Speaker 1: to go outside of fast food places to get to

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Speaker 1: get WiFi. It's that the the spotlight on the inequities

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Speaker 1: is so is so great right now and and so

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Speaker 1: and so magnified at a time when I think even

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Speaker 1: people are more the the inequities and the kind of

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Speaker 1: root causes have been put in such sharp relief. Um.

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Speaker 1: You know again that you've spoken eloquently about the question

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Speaker 1: of being color blind or color brave, the importance of

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Speaker 1: addressing head on systemic issues, you know, long term problems.

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Speaker 1: And the wealth gap is just the wealth gap between

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Speaker 1: black families and white fat it's just unconscionable. And I

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Speaker 1: know you've been been speaking out on this and as

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Speaker 1: an investor, have done much. You touched on a little

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Speaker 1: bit are there signs about this this period that we're

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Speaker 1: living in that give you hope that there is a

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Speaker 1: way to close the you know, make progress on closing

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Speaker 1: the gaps that are so big in this country. Let's

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Speaker 1: start off with we to help crisis, the pandemic that

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Speaker 1: turned into a financial crisis, which we obviously know and

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Speaker 1: of seeing firsthand, which has now also turned into a

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Speaker 1: great deal of social unrest. We've been hit. It's a

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Speaker 1: trifacta of bad there's no question about it. But the

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Speaker 1: social undust is economic and people really do need to

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Speaker 1: understand that economic inequality is what leads people to this tree.

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Speaker 1: Economic inequality is what leads to anger and what causes

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Speaker 1: people to loot and things like that. I am never

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Speaker 1: a believer in violence ever. Ever. Ever, however, if your

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Speaker 1: children were hungry, what would you do? That's what I

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Speaker 1: ask people all the time, to put some of this

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Speaker 1: angst and desperation into perspective. The gaps are growing greater

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Speaker 1: every single day. The statistics suggests that of adults Black

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Speaker 1: adults in this country right now are unemployed five oh.

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Speaker 1: It is a stunning number, and we have to recognize

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Speaker 1: unless we are very very again I use the word

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Speaker 1: intentional and cognizant of this fact, no one wins. We

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Speaker 1: will all be living in cities with retail stores more

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Speaker 1: boarded up and and national guards having to be called

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Speaker 1: in and things like that, and no one wants that.

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Speaker 1: So what really? I do believe that we must impress

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Speaker 1: upon government, in corporate leadership, etcetera, that this needs to

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Speaker 1: narrow the wealth gap by making sure they're true diversity

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Speaker 1: and inclusion inside of corporate America where jobs are created.

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Speaker 1: That is what will cure the ills of our society.

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Speaker 1: It seems so simple, but it's actually true. To the extent,

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Speaker 1: everyone has a shot, a fair and equal shot, we

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Speaker 1: can change the whole paradigm on a going forward basis.

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Speaker 1: I'm hopeful that the message is landing because businesses are

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Speaker 1: being directly impacted by this economic inequality that is is

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Speaker 1: realizing itself as social unrest, and ultimately, in recognizing the

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Speaker 1: that that social unrest is bad for business, businesses will

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Speaker 1: pick up the mantle that has been handed to them

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Speaker 1: and effect lasting and meaningful change. This might sound like

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Speaker 1: a little bit of a pack question, but but it

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Speaker 1: is sincere is they're a role that Hollywood can play. Certainly,

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Speaker 1: certainly you know, platforming certain stories and shining lights, and

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Speaker 1: there's long list of examples where media, entertainment, television has

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Speaker 1: brought light to social issue issues. This one is a

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Speaker 1: little bigger and a little more intractable. But is there

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Speaker 1: is there a role for Hollywood in advancing the the

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Speaker 1: noble and just cause of equality. Absolutely, because first of all,

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Speaker 1: American media is one of our biggest exports. The whole world.

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Speaker 1: The whole world sees who we are from our stories.

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Speaker 1: We need to make sure that everyone's stories are told.

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Speaker 1: I think a light has been a fire has been

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Speaker 1: put underneath uh the studios and companies to really understand

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Speaker 1: the need to have that content. And all of the

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Speaker 1: individuals who show up on our television screens, on our

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Speaker 1: computers at the movie that they're again reflect our society.

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Speaker 1: So I think that conversation is well underway. I am

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Speaker 1: delighted to see, you know, the news of Planning Dungee

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Speaker 1: and others who are now rising to the top of

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Speaker 1: these organizations who have the big seats, because ultimately, at

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Speaker 1: the end of the day, my belief is they will

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Speaker 1: be um inclusive, the cognizant of the diversity that is

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Speaker 1: around them and is ultimately represented in the content that

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Speaker 1: is produced, and that creates obviously all sorts of UM

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Speaker 1: role models that says, to young black or Latin ax

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Speaker 1: or women, what have you, I can be that person,

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Speaker 1: and therefore maybe I should pursue a job in that area.

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Speaker 1: So I think that's really great. I think at the

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Speaker 1: end of the day, Hollywood UM is the trendsetter of

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Speaker 1: the world, and so to the extent this becomes the

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Speaker 1: trend UM in Hollywood. I think it has gigantic repercussions

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Speaker 1: with outside sounding sounding pollyannaish or over simplifying the issue

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Speaker 1: with gigantic repercussions UM for society. I mean, I love

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Speaker 1: that story that you know, some believe we have a

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Speaker 1: black president because of the show twenty one. Excuse me.

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Speaker 1: I mean that that that we got used to these

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Speaker 1: ideas UM, and I think that that there's some truth

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Speaker 1: to that. Absolutely it is. There is no question that

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Speaker 1: it is one of our greatest exports for sure. UM Melody,

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Speaker 1: thank you so much. I've really enjoyed this conversation. I

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Speaker 1: would absolutely I would love to have an annual check

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Speaker 1: in with you on the of the economy in our world.

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Speaker 1: Thank you so much for your time, Thanks for having me,

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Speaker 1: Thanks for listening. Be sure to leave us a review

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Speaker 1: at Apple Podcasts. We love to hear from listeners. Be

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Speaker 1: sure to tune in next week, when Andrew Wallenstein's guests

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Speaker 1: will be Universal Pictures Marketing co President Dwight Knes