1 00:00:01,600 --> 00:00:05,000 Speaker 1: When they tell you just how crazy they are, always 2 00:00:05,800 --> 00:00:10,800 Speaker 1: believe them inmates are running the asylum in New York City. 3 00:00:10,920 --> 00:00:16,320 Speaker 1: Is Mandani's new corrections commission actually did time in the 4 00:00:16,360 --> 00:00:26,599 Speaker 1: same jail he will now oversee. Appointee rejects punishment centered incarceration. Yeah, Mondani, 5 00:00:26,800 --> 00:00:29,760 Speaker 1: you know, the communist, socialist, Marxist mayor of New York 6 00:00:29,760 --> 00:00:34,080 Speaker 1: City has now tapped literally an ex convict to run 7 00:00:34,120 --> 00:00:38,720 Speaker 1: the city's correction system. Now with the appointee is set 8 00:00:38,760 --> 00:00:43,120 Speaker 1: to oversee the same jail where he served time for robbery, 9 00:00:44,040 --> 00:00:47,239 Speaker 1: named Saturday as a commissioner of the city's Department of 10 00:00:47,280 --> 00:00:53,040 Speaker 1: Corrections with Stanley Richards, a former fellon term criminal justice reformer. 11 00:00:53,159 --> 00:00:56,640 Speaker 1: That's what they call themselves now, as the new mayor's 12 00:00:56,640 --> 00:01:02,440 Speaker 1: administration aims to quote push a rehabilitation focus overhaul instead 13 00:01:02,480 --> 00:01:05,080 Speaker 1: of you know, like basic law and order, they call 14 00:01:05,120 --> 00:01:09,399 Speaker 1: it corrections. The sixty four year old Richards will take 15 00:01:09,920 --> 00:01:13,280 Speaker 1: office in mid February with an annual salary of two 16 00:01:13,400 --> 00:01:17,959 Speaker 1: hundred and forty three thousand dollars quote. Stanley will make 17 00:01:18,080 --> 00:01:24,200 Speaker 1: history in his role as the first ever formally incarcerated person. 18 00:01:24,160 --> 00:01:25,520 Speaker 2: To serve as commissioner. 19 00:01:25,560 --> 00:01:30,399 Speaker 1: Mundani said, I will turn to Stanley as we work 20 00:01:30,480 --> 00:01:34,240 Speaker 1: to build a city where justice is at the heart 21 00:01:34,280 --> 00:01:39,280 Speaker 1: of our correction system. Doesn't sound like justice, but okay, 22 00:01:39,319 --> 00:01:40,120 Speaker 1: we'll keep going. 23 00:01:40,880 --> 00:01:41,080 Speaker 2: Now. 24 00:01:41,160 --> 00:01:46,040 Speaker 1: Richards previously worked as president of a nonprofit Fortune Society 25 00:01:46,080 --> 00:01:48,680 Speaker 1: that provides housing and other services for ex cons. I' 26 00:01:48,720 --> 00:01:51,760 Speaker 1: let me be clear. I have no problem with someone 27 00:01:52,040 --> 00:01:57,320 Speaker 1: running and being involved in law and order if they've 28 00:01:57,320 --> 00:01:59,720 Speaker 1: had a criminal background the past, it wasn't you know, 29 00:02:00,040 --> 00:02:03,880 Speaker 1: is lent or something horrific. I believe that people can 30 00:02:04,000 --> 00:02:07,920 Speaker 1: be rehabilitated. What I don't believe in, and this has 31 00:02:08,000 --> 00:02:10,560 Speaker 1: nothing to do with whether you've been to jail or not, 32 00:02:12,080 --> 00:02:15,520 Speaker 1: is if you believe that incarcerating people is somehow evil, 33 00:02:15,840 --> 00:02:20,520 Speaker 1: instead of actually incarcerating people because of the evil that person, 34 00:02:20,639 --> 00:02:23,280 Speaker 1: the crimes that person committed. There is a difference. I 35 00:02:23,320 --> 00:02:27,639 Speaker 1: want to be very very clear about that. Now, he 36 00:02:27,680 --> 00:02:30,880 Speaker 1: worked with this nonprofit that they say service X cons. 37 00:02:31,080 --> 00:02:34,040 Speaker 1: That's great, okay, I have no issue with that. I 38 00:02:34,080 --> 00:02:37,079 Speaker 1: don't hold that against him. If that's how you rehabilitate 39 00:02:37,160 --> 00:02:41,000 Speaker 1: you come back, that's wonderful. And what the mayor stands 40 00:02:41,080 --> 00:02:44,560 Speaker 1: for that is actually the threat to society and the 41 00:02:44,560 --> 00:02:47,600 Speaker 1: people of New York City. Now he's also the city 42 00:02:47,639 --> 00:02:52,000 Speaker 1: Department of Corrections former Deputy Commissioner of Programs and Operations. 43 00:02:52,040 --> 00:02:54,239 Speaker 2: So this guy's like knee deep in it all. Right. 44 00:02:55,400 --> 00:02:57,640 Speaker 1: Let me tell you his background so you understand what 45 00:02:57,639 --> 00:03:01,880 Speaker 1: we're dealing with here. Richards was convicts of robbery in 46 00:03:01,919 --> 00:03:03,760 Speaker 1: the late nineteen eighties and serve two and a half 47 00:03:03,800 --> 00:03:07,720 Speaker 1: years on Rikers Island before doing an additional four and 48 00:03:07,760 --> 00:03:12,320 Speaker 1: a half years in state prison that according to news reports, 49 00:03:13,320 --> 00:03:17,080 Speaker 1: he was released in ninety one. In his remarks, Richard 50 00:03:17,120 --> 00:03:22,920 Speaker 1: supported Mandannie's progressive vision of corrections and rejected what he 51 00:03:23,000 --> 00:03:28,280 Speaker 1: described as a punishment centered approach to incarceration. Okay, so 52 00:03:28,520 --> 00:03:31,200 Speaker 1: let's be clear what that means, because that's a lot 53 00:03:31,240 --> 00:03:33,080 Speaker 1: of like new age bs there, and we're just going 54 00:03:33,120 --> 00:03:36,560 Speaker 1: to break it down what this dude and what Mandanni 55 00:03:36,680 --> 00:03:39,280 Speaker 1: have said. And this is what we know Mandannia said. 56 00:03:39,280 --> 00:03:43,040 Speaker 1: So it's this again. Come as no surprise. I say 57 00:03:43,080 --> 00:03:44,600 Speaker 1: it over and over again. When they tell you how 58 00:03:44,600 --> 00:03:48,040 Speaker 1: crazy they are, believe them. Okay, like just believe them, 59 00:03:48,760 --> 00:03:51,840 Speaker 1: always believe them when they show their true colors of 60 00:03:51,840 --> 00:03:57,240 Speaker 1: how insane they actually are. What they believe is that 61 00:03:58,160 --> 00:04:03,520 Speaker 1: you should not punish someone for the crimes they commit, 62 00:04:03,640 --> 00:04:06,520 Speaker 1: but instead, in essence, you should give them like a 63 00:04:06,560 --> 00:04:10,480 Speaker 1: warm hug. You should embrace them and be like, it's okay, 64 00:04:10,560 --> 00:04:13,560 Speaker 1: little timmy, and treat them like a child. They don't 65 00:04:13,560 --> 00:04:15,240 Speaker 1: believe that if you commit a Han's crime, that you 66 00:04:15,240 --> 00:04:16,479 Speaker 1: should be held accountable for. 67 00:04:16,920 --> 00:04:18,119 Speaker 2: That heinous crime. 68 00:04:18,440 --> 00:04:24,920 Speaker 1: That is something they say absolutely not right. Like they 69 00:04:24,960 --> 00:04:28,200 Speaker 1: believe that that is just straight up wrong, and that 70 00:04:28,320 --> 00:04:33,159 Speaker 1: holding people in jail is wrong. Holding people in jail 71 00:04:33,680 --> 00:04:39,159 Speaker 1: is something that they believe is fundamentally evil, no matter 72 00:04:39,200 --> 00:04:42,640 Speaker 1: really what you've done. That's why they go back to 73 00:04:42,960 --> 00:04:46,000 Speaker 1: prison reform and jail reform, which is what they are 74 00:04:46,040 --> 00:04:49,159 Speaker 1: obsessed with. They're obsessed with prison reform, jail reform, and 75 00:04:49,200 --> 00:04:51,800 Speaker 1: abolishing the police. I want to remind you, Mandonni said 76 00:04:51,800 --> 00:04:54,480 Speaker 1: he wanted to get rid of all police. Mandonnie thinks 77 00:04:54,480 --> 00:04:57,359 Speaker 1: that ice officers are the Gestapo, right, that they're the 78 00:04:57,360 --> 00:05:01,560 Speaker 1: worst people in the world. Mandanni believes that law enforcement 79 00:05:01,640 --> 00:05:03,920 Speaker 1: or evil and the bad guys are somehow good. 80 00:05:05,160 --> 00:05:05,520 Speaker 2: Quote. 81 00:05:05,680 --> 00:05:07,320 Speaker 1: I'm going to go back to this guy, all right. 82 00:05:07,839 --> 00:05:10,040 Speaker 1: Today we turn the page and we start a new 83 00:05:10,040 --> 00:05:13,920 Speaker 1: era under Mayor Mandani. Richard said, Richard is taking over 84 00:05:14,040 --> 00:05:18,120 Speaker 1: jail system in crisis. According to reports, in recent years, 85 00:05:18,240 --> 00:05:21,560 Speaker 1: the jails have been played with staff misconduct, violence, and 86 00:05:21,640 --> 00:05:26,080 Speaker 1: drug overdoses. At least seventy six people died in custody 87 00:05:26,080 --> 00:05:29,880 Speaker 1: between twenty nineteen and twenty twenty five, including fifteen alone 88 00:05:29,960 --> 00:05:32,919 Speaker 1: last year, according to city data, and a plan to 89 00:05:32,920 --> 00:05:35,919 Speaker 1: close the facility and replace it with similar borough based 90 00:05:35,920 --> 00:05:39,040 Speaker 1: facilities has stalled in the face of a rising jail 91 00:05:39,120 --> 00:05:42,280 Speaker 1: population and political resistance. 92 00:05:42,960 --> 00:05:44,360 Speaker 2: According to report. 93 00:05:44,000 --> 00:05:46,840 Speaker 1: By Fox News, The appointment comes as New York City 94 00:05:46,920 --> 00:05:51,920 Speaker 1: jail system remains under heightened federal scrutiny. Earlier this week, 95 00:05:52,080 --> 00:05:56,800 Speaker 1: federal judge appointed an outside remediation manager to oversee reforms 96 00:05:56,800 --> 00:06:00,000 Speaker 1: at Rikers Islands after years of violence, staff shortages, and 97 00:06:00,080 --> 00:06:04,599 Speaker 1: federal court findings that city leadership failed to fix the 98 00:06:04,640 --> 00:06:08,200 Speaker 1: conditions inside the jail. Rikers by the Way was originally 99 00:06:08,240 --> 00:06:10,800 Speaker 1: said to be demolished by August of twenty twenty seven 100 00:06:10,880 --> 00:06:15,320 Speaker 1: by former Mayor Bill Deblasio. Under that Rikers closure, Plantennes 101 00:06:15,360 --> 00:06:18,880 Speaker 1: would be moved to four other jails under construction, and 102 00:06:18,960 --> 00:06:22,760 Speaker 1: every borough but Staten Island. All right, So now you 103 00:06:22,839 --> 00:06:25,760 Speaker 1: understand the background, right, That's how you defund the police. 104 00:06:25,800 --> 00:06:28,960 Speaker 1: This is how you do prison reform and bail reform. 105 00:06:29,920 --> 00:06:32,600 Speaker 1: You say everything that happens is somehow bad and evil 106 00:06:32,960 --> 00:06:35,800 Speaker 1: and to the people that were actually committing bad and 107 00:06:35,880 --> 00:06:38,440 Speaker 1: evil crimes, and then you get rid of the punishment 108 00:06:38,480 --> 00:06:40,680 Speaker 1: for them and you give them a kumbay is let's 109 00:06:40,720 --> 00:06:43,800 Speaker 1: hug it out plant. That's what the socialists, communists and 110 00:06:43,839 --> 00:06:48,320 Speaker 1: Marxist wants now nearly seven years later. Here's the other 111 00:06:48,320 --> 00:06:50,480 Speaker 1: thing about liberals. The one thing they're really good at 112 00:06:50,480 --> 00:06:53,560 Speaker 1: is spending money costs a balloon. And the jails are 113 00:06:53,600 --> 00:06:57,000 Speaker 1: not close to being ready, all right. So the corruption 114 00:06:57,320 --> 00:06:59,800 Speaker 1: in these new jails that they were building to replace 115 00:07:00,400 --> 00:07:04,120 Speaker 1: Rikers Island and the old jail have skyrocketed and they're 116 00:07:04,160 --> 00:07:06,799 Speaker 1: not even close to being ready, because that's what happens 117 00:07:06,800 --> 00:07:09,239 Speaker 1: when you have government corruption involved in mark my word, 118 00:07:09,520 --> 00:07:12,200 Speaker 1: I'm sure there's plenty of ants, uncles, cousins, best friends, 119 00:07:12,200 --> 00:07:15,880 Speaker 1: Bubba's sisters that are getting paid on the corruption of 120 00:07:15,880 --> 00:07:18,680 Speaker 1: these jails that they're building. The mayor says to people 121 00:07:18,680 --> 00:07:22,600 Speaker 1: are ready to work with the federally appointed manager, saying, quote, 122 00:07:22,600 --> 00:07:25,360 Speaker 1: my administration has and we look forward to working with 123 00:07:25,480 --> 00:07:28,880 Speaker 1: the remediation manager on improving conditions in our city's jails, 124 00:07:28,920 --> 00:07:32,480 Speaker 1: both for those in custody and for corrections officers. 125 00:07:32,000 --> 00:07:33,440 Speaker 2: Mandown, he said in his statement. 126 00:07:34,080 --> 00:07:36,600 Speaker 1: Now, the Department of Corrections employees more than seventy two 127 00:07:36,640 --> 00:07:40,480 Speaker 1: hundred people, including nearly five thousand uniformed officers organized in 128 00:07:40,560 --> 00:07:45,640 Speaker 1: the Corrections Officers Benevolent Association known as COBRA. In a 129 00:07:45,760 --> 00:07:52,040 Speaker 1: statement post on acts, Corrections Officers been evolent, association president 130 00:07:52,840 --> 00:07:56,080 Speaker 1: said the jails cannot and will not operate as safely 131 00:07:56,120 --> 00:07:59,880 Speaker 1: as possible if the concerns of our members are brushed aside. 132 00:08:00,800 --> 00:08:02,920 Speaker 1: He says, it's our hope that mister Richards understands the 133 00:08:03,000 --> 00:08:05,640 Speaker 1: dynamics and he takes on this new role and demonstrates 134 00:08:05,640 --> 00:08:09,240 Speaker 1: a commitment to putting safety and security before political ideology. 135 00:08:09,280 --> 00:08:11,520 Speaker 2: Now here's the problem. They're not gonna do that. 136 00:08:12,160 --> 00:08:16,160 Speaker 1: Why they've made it clear what they believe. They believe 137 00:08:16,960 --> 00:08:19,000 Speaker 1: that jails are bad and we should shut them down 138 00:08:19,040 --> 00:08:21,440 Speaker 1: and close them. They believe that bad guys shouldn't go 139 00:08:21,520 --> 00:08:24,840 Speaker 1: to jail. They believe that the police are the bad guys. 140 00:08:25,200 --> 00:08:29,640 Speaker 1: They believe that federal law enforcement are literally the Nazis. 141 00:08:30,280 --> 00:08:34,439 Speaker 1: So if you think they're gonna fix this. You're insane 142 00:08:34,480 --> 00:08:37,000 Speaker 1: For the next sixty seconds, can you hit pause on 143 00:08:37,040 --> 00:08:39,000 Speaker 1: your life and just think about this? 144 00:08:39,480 --> 00:08:42,280 Speaker 2: In communities around the world, millions of. 145 00:08:42,320 --> 00:08:47,280 Speaker 1: Children like Lucy faced the crushing weight of poverty, hunger, illness, 146 00:08:47,600 --> 00:08:51,680 Speaker 1: and a lack of opportunity dim their bright futures. But 147 00:08:51,800 --> 00:08:57,600 Speaker 1: through compassionate international and local churches, everything is changing. Lucy 148 00:08:57,720 --> 00:09:02,160 Speaker 1: receives nourishing food, vital medical care, and the chance to 149 00:09:02,320 --> 00:09:07,160 Speaker 1: go to school. She learns life skills, develops God given talents, 150 00:09:07,600 --> 00:09:11,320 Speaker 1: and builds a loving relationship with Jesus. It's a journey 151 00:09:11,360 --> 00:09:16,320 Speaker 1: from vulnerability to empowerment, and it's sparked literally by your love. 152 00:09:16,559 --> 00:09:21,719 Speaker 1: This transformation echoes far beyond Lucy, impacting her family, the community, 153 00:09:21,880 --> 00:09:24,640 Speaker 1: and shaping the future of her nation. And you can 154 00:09:24,679 --> 00:09:28,680 Speaker 1: make this profound difference right now. So join me in 155 00:09:28,800 --> 00:09:33,800 Speaker 1: sponsoring a child. Visit compassion dot com today, You'll empower 156 00:09:34,000 --> 00:09:38,040 Speaker 1: life and change the world. That's compassion dot Com to 157 00:09:38,120 --> 00:09:41,880 Speaker 1: learn more. Let me just take a bigger step back 158 00:09:42,000 --> 00:09:46,720 Speaker 1: and go back to what Mundanni believes right like the 159 00:09:46,920 --> 00:09:51,000 Speaker 1: question that all of you should be asking, It's the 160 00:09:51,000 --> 00:09:57,640 Speaker 1: same question that I ask, What does Mundanni believe? And 161 00:09:57,720 --> 00:10:02,760 Speaker 1: what has he said in his past about jails, police 162 00:10:03,640 --> 00:10:09,160 Speaker 1: law enforcement. That's the question. Well, when you put a 163 00:10:09,200 --> 00:10:13,000 Speaker 1: guy that's next Cohn in charge of your jails, and 164 00:10:13,040 --> 00:10:14,920 Speaker 1: you know that guy's on the record saying that he 165 00:10:15,000 --> 00:10:17,640 Speaker 1: doesn't believe that you should use jails as a form 166 00:10:17,679 --> 00:10:22,319 Speaker 1: of punishment, then you understand what they want to do. 167 00:10:22,640 --> 00:10:25,920 Speaker 2: They want to let the crazies out. Right. 168 00:10:26,160 --> 00:10:31,080 Speaker 1: That's just the truth of it, right, that's what Mundanni believes. 169 00:10:31,559 --> 00:10:40,520 Speaker 1: Mundanni is a guy that I think clearly hates law enforcement. 170 00:10:41,920 --> 00:10:46,480 Speaker 1: I think that's pretty darn clear. And he's made it 171 00:10:46,600 --> 00:10:52,800 Speaker 1: clear he doesn't trust them, he doesn't like them, he 172 00:10:52,840 --> 00:10:56,560 Speaker 1: doesn't respect them, and he wants to get rid of them. 173 00:10:57,960 --> 00:11:01,439 Speaker 1: I don't have to guess that is what he has 174 00:11:01,559 --> 00:11:07,520 Speaker 1: actually said. That he believes when they tell you what 175 00:11:07,679 --> 00:11:11,559 Speaker 1: they believe, when they tell you what their values are, 176 00:11:13,000 --> 00:11:17,360 Speaker 1: believe them. They will tell you. Mundanni has made it 177 00:11:17,440 --> 00:11:21,720 Speaker 1: clear what he believes. Not only is he the man 178 00:11:21,760 --> 00:11:23,720 Speaker 1: in charge of New York City now, but he's putting 179 00:11:24,559 --> 00:11:30,679 Speaker 1: people in office that do what socialists do. Early on, 180 00:11:31,000 --> 00:11:36,360 Speaker 1: all right, during his political rise, he was extremely critical 181 00:11:36,480 --> 00:11:38,280 Speaker 1: in this I'm going back to an article and I'm 182 00:11:38,280 --> 00:11:40,920 Speaker 1: going to read this to you. He was a critic 183 00:11:41,000 --> 00:11:44,800 Speaker 1: of policing and incarceration early in his political career. Man 184 00:11:44,880 --> 00:11:49,680 Speaker 1: Donnie urged that increasing policing and incarceration does little to 185 00:11:49,720 --> 00:11:54,200 Speaker 1: prevent harm, and that social investments, jobs, stability services do 186 00:11:54,320 --> 00:11:56,640 Speaker 1: more to keep people safe. So don't lock up murders 187 00:11:56,640 --> 00:12:01,400 Speaker 1: and rapists. No, no, no, no, Instead you give them free stuff, right, 188 00:12:01,440 --> 00:12:06,320 Speaker 1: that's what socialists believe. He also criticized publicly the New 189 00:12:06,360 --> 00:12:09,880 Speaker 1: York Police Department in twenty twenty. In a tweet, he 190 00:12:09,920 --> 00:12:14,600 Speaker 1: referred to the NYPD as racist, anti queer, and a 191 00:12:14,640 --> 00:12:19,079 Speaker 1: major threat to public safety and called to quote unquote 192 00:12:19,160 --> 00:12:21,800 Speaker 1: defund the New York Police Department. 193 00:12:22,600 --> 00:12:24,200 Speaker 2: Let me just go over that again. 194 00:12:25,480 --> 00:12:28,640 Speaker 1: Twenty twenty, he put on a tweet that the New 195 00:12:28,679 --> 00:12:31,040 Speaker 1: York Police Department was a major threat to safety. 196 00:12:31,840 --> 00:12:33,080 Speaker 2: So not when these. 197 00:12:33,000 --> 00:12:37,160 Speaker 1: Guys are out there risking their lives to get bad, 198 00:12:37,800 --> 00:12:40,240 Speaker 1: horrible people off the streets. 199 00:12:40,880 --> 00:12:46,520 Speaker 2: Mundani says, no, no, they are a threat to society. 200 00:12:46,720 --> 00:12:51,839 Speaker 1: This is how you literally turn people against police. You 201 00:12:51,880 --> 00:12:54,680 Speaker 1: say things just like this, which is I mean, I 202 00:12:54,800 --> 00:12:57,760 Speaker 1: just had it for you there. It's very clear when 203 00:12:57,800 --> 00:13:00,240 Speaker 1: they tell you they hate police and they want to 204 00:13:00,240 --> 00:13:04,079 Speaker 1: abolish them and that they're a threat to the society. 205 00:13:04,640 --> 00:13:05,439 Speaker 2: Believe them. 206 00:13:05,920 --> 00:13:08,240 Speaker 1: Then he called and again put the money where your 207 00:13:08,240 --> 00:13:12,840 Speaker 1: mouth is to defund the police department. In an interview 208 00:13:13,000 --> 00:13:15,840 Speaker 1: from his earlier run for office, Mandonny questioned the purpose 209 00:13:15,960 --> 00:13:21,240 Speaker 1: of prisons and asked rhetorically whether they truly quote unquote 210 00:13:21,280 --> 00:13:26,040 Speaker 1: serve communities, suggesting the need for a justice system focus 211 00:13:26,120 --> 00:13:31,240 Speaker 1: more on repair, as he described it, than punishment. As 212 00:13:31,240 --> 00:13:35,400 Speaker 1: a campaigned for mayor, some of his views evolved, of course, right, 213 00:13:35,440 --> 00:13:38,280 Speaker 1: he moved from away from defund the police rhetoric, but 214 00:13:38,320 --> 00:13:40,040 Speaker 1: in twenty twenty five because like, all right, well that 215 00:13:40,080 --> 00:13:41,959 Speaker 1: may be too radical, but it's what I believe, but 216 00:13:42,200 --> 00:13:45,280 Speaker 1: I'll downplay it a little bit, right, I'll tone it down. 217 00:13:45,960 --> 00:13:48,440 Speaker 1: He then said this in twenty twenty five, he would 218 00:13:48,440 --> 00:13:51,400 Speaker 1: work with police in core public safety roles while advocating 219 00:13:51,720 --> 00:13:55,520 Speaker 1: for more community based solutions to underlying causes of crime. 220 00:13:55,600 --> 00:13:57,760 Speaker 1: So he still believes what he believed before, but he 221 00:13:57,840 --> 00:13:59,680 Speaker 1: knew he couldn't just straight up say it in twenty 222 00:13:59,720 --> 00:14:01,960 Speaker 1: twenty five, even though he's said in twenty twenty, twenty 223 00:14:02,000 --> 00:14:04,160 Speaker 1: twenty one, twenty twenty two, but now he's running for office, 224 00:14:04,200 --> 00:14:05,800 Speaker 1: I go, I gotta change that a little bit right 225 00:14:06,120 --> 00:14:07,040 Speaker 1: doesn't poll well. 226 00:14:08,120 --> 00:14:09,040 Speaker 2: He also. 227 00:14:10,600 --> 00:14:13,920 Speaker 1: Advocates for what he says is community centered public safety. 228 00:14:14,720 --> 00:14:17,200 Speaker 2: What does that even mean? Quote? 229 00:14:17,240 --> 00:14:21,600 Speaker 1: His public safety plan focused on addressing mental health, homelessness, poverty, 230 00:14:21,600 --> 00:14:26,920 Speaker 1: and inequality as part of preventing violence, rather than just 231 00:14:27,000 --> 00:14:31,280 Speaker 1: increasing police enforcement. All right, so let's talk about that 232 00:14:31,440 --> 00:14:33,920 Speaker 1: for a second. Do you want to know what happened 233 00:14:34,120 --> 00:14:36,360 Speaker 1: over the last week in New York City when they 234 00:14:36,400 --> 00:14:41,080 Speaker 1: had a deep freeze. Mandani changed the rule they used 235 00:14:41,120 --> 00:14:43,640 Speaker 1: to go round up people that had mental health issues 236 00:14:43,680 --> 00:14:45,720 Speaker 1: in the streets when they knew they were gonna likely 237 00:14:45,760 --> 00:14:48,400 Speaker 1: they would freeze to death when it's seven degrees outside. 238 00:14:49,520 --> 00:14:52,560 Speaker 1: That is a normal, insane rule, especially for people that 239 00:14:52,600 --> 00:14:55,480 Speaker 1: are having a hard time dealing with public health issues. 240 00:14:55,640 --> 00:14:57,360 Speaker 1: It's the right thing to do, right, someone's in the 241 00:14:57,400 --> 00:15:00,480 Speaker 1: public health issues. That doesn't mean they deserve to die, 242 00:15:01,880 --> 00:15:06,400 Speaker 1: doesn't mean they deserve to freeze literally to death. 243 00:15:07,440 --> 00:15:09,560 Speaker 2: What did Mandani do? No, no, no, I'm a socialist. 244 00:15:10,120 --> 00:15:12,160 Speaker 1: There's crazy people out there in the streets, and we 245 00:15:12,200 --> 00:15:15,080 Speaker 1: can get rid of them through freezing to death. And sure, 246 00:15:15,360 --> 00:15:20,640 Speaker 1: why not? That was his mentality, folks. And then a 247 00:15:20,680 --> 00:15:24,000 Speaker 1: bunch of people died, and when that happens, you would 248 00:15:24,000 --> 00:15:24,880 Speaker 1: think that people would be. 249 00:15:24,840 --> 00:15:25,440 Speaker 2: Angry over it. 250 00:15:25,560 --> 00:15:29,600 Speaker 1: No, Mandani, No, no, no, like people froze to death 251 00:15:29,640 --> 00:15:34,360 Speaker 1: because of your policy, because I guess homeless people don't 252 00:15:34,400 --> 00:15:37,000 Speaker 1: actually count as people in the world of Mendanni. 253 00:15:38,520 --> 00:15:39,600 Speaker 2: That is who he is. 254 00:15:40,360 --> 00:15:43,480 Speaker 1: I was asked about this on TV, and I want 255 00:15:43,520 --> 00:15:45,640 Speaker 1: you to hear what I'd say on Newsmax about this 256 00:15:45,680 --> 00:15:47,640 Speaker 1: the other night when the news broke of how many 257 00:15:47,680 --> 00:15:51,120 Speaker 1: people had frozen to death, literally all because they may 258 00:15:51,240 --> 00:15:54,600 Speaker 1: or decided to change a policy that he knew was 259 00:15:54,640 --> 00:15:57,240 Speaker 1: going to cost people their lives. This is the same 260 00:15:57,280 --> 00:16:00,160 Speaker 1: area that does have compassion and said this week we're 261 00:16:00,160 --> 00:16:03,280 Speaker 1: going to have universal childcare for illegal immigrants that he's 262 00:16:03,320 --> 00:16:04,920 Speaker 1: going to force the people to pay for in New 263 00:16:05,000 --> 00:16:05,480 Speaker 1: York City. 264 00:16:05,640 --> 00:16:07,440 Speaker 2: So that's his priority. 265 00:16:07,440 --> 00:16:09,240 Speaker 1: Now, if you're deal with mental health issues and you're 266 00:16:09,240 --> 00:16:13,080 Speaker 1: outside in seven degrees, I don't have time for you. 267 00:16:13,080 --> 00:16:14,760 Speaker 2: You're not a top priority of mine. 268 00:16:14,920 --> 00:16:18,080 Speaker 1: In fact, he deliberately chose to change a policy that 269 00:16:18,120 --> 00:16:22,080 Speaker 1: if you talk to any homeless expert, anybody that deals 270 00:16:22,120 --> 00:16:24,320 Speaker 1: with this issue, they would tell you immediately you have 271 00:16:24,360 --> 00:16:25,720 Speaker 1: a lot of people. They are homeless to deal with 272 00:16:25,760 --> 00:16:28,320 Speaker 1: mental health issues, schizophrenia, and the list. 273 00:16:28,120 --> 00:16:28,800 Speaker 2: Goes on and on. 274 00:16:29,240 --> 00:16:32,360 Speaker 1: If you have compassion for them, they would have told 275 00:16:32,400 --> 00:16:35,960 Speaker 1: the mayor, these people will die if you don't remove 276 00:16:36,000 --> 00:16:38,640 Speaker 1: them from the streets. They could go back in history 277 00:16:38,720 --> 00:16:41,720 Speaker 1: and talk about how many beds are needed and how 278 00:16:41,760 --> 00:16:44,120 Speaker 1: many homeless people are taking off the streets when there 279 00:16:44,200 --> 00:16:47,600 Speaker 1: is a deep freeze like this. They have all that data. 280 00:16:47,680 --> 00:16:50,880 Speaker 1: But from Mundani that he didn't care about who was 281 00:16:50,920 --> 00:16:55,560 Speaker 1: going to die. It's an ideological viewpoint perspective he's obsessed with, 282 00:16:55,960 --> 00:16:59,200 Speaker 1: which is I have compassion by not dealing with things 283 00:16:59,240 --> 00:17:02,080 Speaker 1: because I don't want to disrupt people, and if they 284 00:17:02,120 --> 00:17:05,000 Speaker 1: want to die, we let them die. This is no 285 00:17:05,119 --> 00:17:08,199 Speaker 1: different than assistant suicide. In essence, you knew people were 286 00:17:08,200 --> 00:17:11,040 Speaker 1: going to die. If you put any person outside at 287 00:17:11,080 --> 00:17:15,320 Speaker 1: seven degrees, there's a very good chance they're going to die. 288 00:17:15,520 --> 00:17:17,680 Speaker 1: And he deliberately made that decision. But hey, at least 289 00:17:17,720 --> 00:17:20,760 Speaker 1: we have universal childcare for legal immigrants today, so we 290 00:17:20,880 --> 00:17:24,720 Speaker 1: got that. You listen to the facts on this and 291 00:17:25,080 --> 00:17:28,520 Speaker 1: go back to what Mandanni believes. He proposed a Department 292 00:17:28,520 --> 00:17:31,920 Speaker 1: of Community Safety rather than having police handle all crisises 293 00:17:32,080 --> 00:17:36,360 Speaker 1: Mundanni propose a new civilian led department that would take 294 00:17:36,400 --> 00:17:39,879 Speaker 1: over things like mental health, crisis responses and social outreach, 295 00:17:40,720 --> 00:17:42,200 Speaker 1: leaving violent crime enforcement. 296 00:17:42,280 --> 00:17:45,760 Speaker 2: He says to the police, Okay, so let's go back 297 00:17:45,760 --> 00:17:46,080 Speaker 2: to this. 298 00:17:46,680 --> 00:17:50,760 Speaker 1: Some do gooder who's not a police officer, not law enforcement, 299 00:17:52,080 --> 00:17:56,560 Speaker 1: walks up to a homeless person dealing with real mental 300 00:17:56,600 --> 00:17:59,880 Speaker 1: health issues to get them to not freeze to death. 301 00:18:00,080 --> 00:18:03,160 Speaker 1: You think that's going to go overwell. And then when 302 00:18:03,160 --> 00:18:05,880 Speaker 1: they don't respond to that person doesn't have any authority 303 00:18:05,880 --> 00:18:08,919 Speaker 1: to arrest them or to take them because they're going 304 00:18:08,960 --> 00:18:13,520 Speaker 1: to save their life. We're supposed to applaud that. We're 305 00:18:13,560 --> 00:18:18,919 Speaker 1: supposed to applaud that. That's how sick the Left has become. 306 00:18:19,520 --> 00:18:24,560 Speaker 1: When they tell you how crazy they are, believe them. 307 00:18:24,760 --> 00:18:28,159 Speaker 1: Congress is going to hold a Senate antitrust hearing on 308 00:18:28,240 --> 00:18:34,320 Speaker 1: Tuesday focused on the proposed acquisition of Warner Brothers Discovery 309 00:18:34,359 --> 00:18:37,240 Speaker 1: by Netflix. Now it's a blockbuster media deal, and that's 310 00:18:37,280 --> 00:18:40,440 Speaker 1: why there's a lot of attention around it, and it's 311 00:18:40,640 --> 00:18:44,400 Speaker 1: roughly seventy plus billion, all right. Lawmakers want to examine 312 00:18:44,400 --> 00:18:47,240 Speaker 1: whether the deal could reduce competition in the entertainment and 313 00:18:47,320 --> 00:18:51,879 Speaker 1: streaming markets. And if there could be quote harm to consumers. 314 00:18:51,960 --> 00:18:55,560 Speaker 1: Now you may be saying, wait, what, how is this 315 00:18:55,640 --> 00:18:56,200 Speaker 1: all happening? 316 00:18:56,240 --> 00:18:58,080 Speaker 2: What's this? Why is this happening? 317 00:18:58,680 --> 00:19:02,040 Speaker 1: The world that we are and now has changed drastically 318 00:19:02,080 --> 00:19:05,520 Speaker 1: because of streaming and how we consume things. So you're 319 00:19:05,520 --> 00:19:09,320 Speaker 1: gonna have the Netflix at co CEO. He's scheduled to 320 00:19:09,320 --> 00:19:12,359 Speaker 1: testify before the Senate Judiciary Committee, an anti trust subcommittee, 321 00:19:12,359 --> 00:19:14,600 Speaker 1: and answer lawmakers questions about the merger. 322 00:19:15,320 --> 00:19:16,600 Speaker 2: Then you're gonna have Warner. 323 00:19:16,400 --> 00:19:19,040 Speaker 1: Brother executives who are also expected to participate and explain 324 00:19:19,520 --> 00:19:23,520 Speaker 1: their perspective on the deal. And what lawmakers are focused 325 00:19:23,520 --> 00:19:27,879 Speaker 1: on is antitrust and competition. So to break some of 326 00:19:27,920 --> 00:19:30,600 Speaker 1: this down, I decided I'd call a man that deals 327 00:19:30,600 --> 00:19:34,800 Speaker 1: with this every day. Rich Greenfeld is a partner and 328 00:19:35,080 --> 00:19:39,520 Speaker 1: TMT analysts at light Shed Partners, the GP, Light Shed Ventures, 329 00:19:39,680 --> 00:19:42,840 Speaker 1: Media Futurists and co hos so the light Shed podcast 330 00:19:42,880 --> 00:19:45,119 Speaker 1: and grab it wherever you get your podcasts, And I 331 00:19:45,160 --> 00:19:47,400 Speaker 1: decided we'd have him on to talk about what this 332 00:19:47,520 --> 00:19:51,560 Speaker 1: means for the average American. So let's just start with 333 00:19:51,640 --> 00:19:54,960 Speaker 1: the overall bigger picture here, Rich, and I appreciate you 334 00:19:55,000 --> 00:19:59,600 Speaker 1: coming on the way that we consume things has changed drastically. 335 00:20:00,560 --> 00:20:03,600 Speaker 1: YouTube is a great example of that. It is an 336 00:20:03,760 --> 00:20:08,720 Speaker 1: entertainment marketplace. It's evolving right now into literally TV and streaming. 337 00:20:09,200 --> 00:20:12,360 Speaker 1: You've got social media platforms that are also vying for 338 00:20:12,440 --> 00:20:15,200 Speaker 1: all of our attention with reels and stories and shows 339 00:20:15,200 --> 00:20:17,439 Speaker 1: that are up there as well. So you look at 340 00:20:17,440 --> 00:20:21,240 Speaker 1: the current landscape, why is this relevant in context of 341 00:20:21,240 --> 00:20:26,520 Speaker 1: the acquisition with Warner Brothers Discovery by Netflix, and what 342 00:20:26,720 --> 00:20:28,680 Speaker 1: question should consumers be asking? 343 00:20:30,280 --> 00:20:32,679 Speaker 3: Well, love that, I think, first all, thank you for 344 00:20:32,720 --> 00:20:36,000 Speaker 3: having me. It's a fascinating time in media landscape. I'm 345 00:20:36,000 --> 00:20:40,240 Speaker 3: sure as all of your listeners around the country are realizing. 346 00:20:41,720 --> 00:20:44,639 Speaker 3: The way we consume entertainment has changed pretty dramatically. I 347 00:20:44,640 --> 00:20:48,280 Speaker 3: mean the fact that the single largest platform, you know, 348 00:20:48,280 --> 00:20:51,199 Speaker 3: when you look at what people are watching on a 349 00:20:51,240 --> 00:20:53,240 Speaker 3: TV screen, so like this is actually on the big 350 00:20:53,240 --> 00:20:57,800 Speaker 3: screen TV in your living room the number one place 351 00:20:58,600 --> 00:21:01,359 Speaker 3: or piece of content and people are turning to on 352 00:21:01,440 --> 00:21:05,880 Speaker 3: that big screen television in twenty twenty sixes YouTube. That's 353 00:21:05,920 --> 00:21:07,760 Speaker 3: pretty crazy, Ben, because I think if we were to 354 00:21:07,800 --> 00:21:11,240 Speaker 3: go back twenty years ago, obviously that was zero, you know, 355 00:21:11,320 --> 00:21:14,040 Speaker 3: ten years ago, that was tiny. And the fact that 356 00:21:14,080 --> 00:21:17,760 Speaker 3: it is literally exploded really over the last five or 357 00:21:17,840 --> 00:21:20,840 Speaker 3: six years to become the dominant place. You know, there's 358 00:21:20,960 --> 00:21:27,720 Speaker 3: more times watching New to the TV than editing together ABC, ESPN, 359 00:21:28,200 --> 00:21:33,679 Speaker 3: Disney Plus, FULUS, the entire Disney Armada YouTube is bigger. 360 00:21:34,320 --> 00:21:37,520 Speaker 3: And so that's a tremendous change in how we can 361 00:21:39,119 --> 00:21:42,639 Speaker 3: I have three kids myself, I look at their media behavior. 362 00:21:43,040 --> 00:21:45,160 Speaker 3: I look at what they turn on when they get 363 00:21:45,200 --> 00:21:48,760 Speaker 3: home from school. Like the way that we are consuming 364 00:21:48,800 --> 00:21:50,480 Speaker 3: content has traumatically changed. 365 00:21:51,080 --> 00:21:52,240 Speaker 4: And that's part of the challenge. 366 00:21:52,240 --> 00:21:55,720 Speaker 3: You know, I think what Congress on Tuesday and what 367 00:21:55,920 --> 00:21:59,440 Speaker 3: regularly looking at this transaction to the Department of Justice 368 00:21:59,480 --> 00:22:01,160 Speaker 3: and the court system if. 369 00:22:01,119 --> 00:22:01,920 Speaker 4: It ends up there. 370 00:22:02,680 --> 00:22:04,960 Speaker 3: The challenge that they all have to think about is. 371 00:22:05,240 --> 00:22:07,119 Speaker 4: What is the relevant market? 372 00:22:07,640 --> 00:22:11,160 Speaker 3: Is the market streaming meaning preemium streaming, So a Netflix 373 00:22:11,280 --> 00:22:14,520 Speaker 3: or a Hulu is the market all of TV, which 374 00:22:14,560 --> 00:22:18,959 Speaker 3: includes broadcast TV where the Grammys are tonight, where the 375 00:22:19,000 --> 00:22:21,359 Speaker 3: Oscars are going to be on YouTube eventually? So do 376 00:22:21,400 --> 00:22:24,399 Speaker 3: you include YouTube? You know, you can watch the NFL 377 00:22:24,480 --> 00:22:26,679 Speaker 3: now on YouTube. There was a game out of Brazil 378 00:22:26,760 --> 00:22:29,960 Speaker 3: Sunday ticket is on YouTube. So do you include streaming 379 00:22:30,119 --> 00:22:34,040 Speaker 3: free television? Do you include broadcast TV? Do you include 380 00:22:34,400 --> 00:22:37,840 Speaker 3: ESPN and all of cable TV? Do you include things 381 00:22:37,960 --> 00:22:40,399 Speaker 3: like TikTok, which are not really things you watch on 382 00:22:40,440 --> 00:22:44,399 Speaker 3: the TV, but are where you consume entertainment. So the 383 00:22:44,480 --> 00:22:47,560 Speaker 3: challenge for everyone is what is the actual market that 384 00:22:47,640 --> 00:22:52,399 Speaker 3: we're analyzing, who competes with who? Obviously there's going to 385 00:22:52,440 --> 00:22:56,159 Speaker 3: be some people in Congress and regulators who want to 386 00:22:56,160 --> 00:23:00,359 Speaker 3: define this really narrowly, like this is just Netflix versus 387 00:23:00,400 --> 00:23:04,399 Speaker 3: Hulu or Netflix versus Amazon pime video. That seems like 388 00:23:04,440 --> 00:23:08,960 Speaker 3: a very primitive way or a very overly simplified way 389 00:23:08,960 --> 00:23:10,720 Speaker 3: of looking at it, and certainly not the way your 390 00:23:10,760 --> 00:23:13,520 Speaker 3: listeners think about their choices when they get home from 391 00:23:13,520 --> 00:23:15,960 Speaker 3: a hard day at work. I think they're literally thinking 392 00:23:16,000 --> 00:23:19,800 Speaker 3: about YouTube in the same breath that they're thinking about 393 00:23:19,840 --> 00:23:23,880 Speaker 3: turning on Netflix or CBS. They're all competing for time. 394 00:23:24,680 --> 00:23:27,920 Speaker 1: Yeah, they're all competing for time and eyeballs. Which look, 395 00:23:27,960 --> 00:23:30,120 Speaker 1: when I looked at this deal in general, my first 396 00:23:30,200 --> 00:23:34,200 Speaker 1: question was, Okay, are Americans gonna get hurt? 397 00:23:34,359 --> 00:23:35,439 Speaker 2: And I'm talking about jobs. 398 00:23:35,560 --> 00:23:38,080 Speaker 1: Are they gonna be lost if one in a big way, 399 00:23:38,160 --> 00:23:41,120 Speaker 1: if one side gets it or the other. I look 400 00:23:41,119 --> 00:23:43,600 Speaker 1: at Netflix, I'm like, all right, well that's American. They're 401 00:23:43,600 --> 00:23:45,480 Speaker 1: gonna do a lot in America. They also are in 402 00:23:45,560 --> 00:23:47,600 Speaker 1: a studio, but this would make them into one, which 403 00:23:47,600 --> 00:23:50,480 Speaker 1: would mean I would assume more job creation here. That 404 00:23:51,040 --> 00:23:54,680 Speaker 1: was obviously a big perk for me. There's also questions 405 00:23:54,680 --> 00:23:56,600 Speaker 1: that I've asked about, all right, well, where's the money 406 00:23:56,600 --> 00:23:59,040 Speaker 1: coming from to buy this, because this is a big 407 00:23:59,240 --> 00:23:59,879 Speaker 1: price tag. 408 00:24:00,280 --> 00:24:01,840 Speaker 2: Talk to me and break that down a little bit. 409 00:24:02,720 --> 00:24:05,440 Speaker 3: Well, okay, so John is interesting, right, because you know, 410 00:24:05,520 --> 00:24:07,440 Speaker 3: if you've looked first of all, we should step back 411 00:24:07,480 --> 00:24:10,040 Speaker 3: and say, for your listeners, part of the reason we're 412 00:24:10,040 --> 00:24:13,159 Speaker 3: having this conversation is not there's not just one person 413 00:24:13,200 --> 00:24:17,320 Speaker 3: that wants to buy Warner Brothers and Netflix. There's another company, Paramount, 414 00:24:17,359 --> 00:24:20,680 Speaker 3: that's very interested and has made a hostile bid. After 415 00:24:20,760 --> 00:24:23,880 Speaker 3: their first or after their first several offers were rejected, 416 00:24:24,160 --> 00:24:26,159 Speaker 3: they are still trying to buy the company. But if 417 00:24:26,200 --> 00:24:29,080 Speaker 3: we're simply going to look at job creation or even 418 00:24:29,240 --> 00:24:32,199 Speaker 3: job status flow, you know, Netflix is not in the 419 00:24:32,200 --> 00:24:35,360 Speaker 3: theatrical business. They are not in the syndication. They don't 420 00:24:35,400 --> 00:24:38,840 Speaker 3: take TV shows and license them around the world, as 421 00:24:38,840 --> 00:24:41,520 Speaker 3: you said, while they are building a studio. 422 00:24:41,200 --> 00:24:43,400 Speaker 4: And they've been building a studio for many years. 423 00:24:43,520 --> 00:24:46,879 Speaker 3: They don't have a studio the scale and the size 424 00:24:46,880 --> 00:24:49,440 Speaker 3: of the studio, depth and catalog that. 425 00:24:49,480 --> 00:24:50,360 Speaker 4: Warner Brothers does. 426 00:24:50,400 --> 00:24:52,320 Speaker 3: And so I think if you look at this, you 427 00:24:52,320 --> 00:24:54,800 Speaker 3: can say that Netflix has probably put more money into 428 00:24:54,840 --> 00:24:58,600 Speaker 3: the entertainment business on an annual basis securely into entertainment 429 00:24:58,800 --> 00:25:01,320 Speaker 3: in any other company, not just in America. 430 00:25:00,960 --> 00:25:01,800 Speaker 4: But around the world. 431 00:25:01,880 --> 00:25:03,960 Speaker 3: And so I think you can very much point to 432 00:25:04,000 --> 00:25:07,119 Speaker 3: this and say Netflix, from a job standpoint, will be 433 00:25:07,240 --> 00:25:10,520 Speaker 3: good for the entertainment industry. They are not looking to 434 00:25:11,200 --> 00:25:13,200 Speaker 3: This is not about cost cutting. I don't think any 435 00:25:13,280 --> 00:25:17,400 Speaker 3: part of the Netflix acquisition has been built around cost cutting. Now, 436 00:25:17,520 --> 00:25:20,960 Speaker 3: Paramount is also trying to buy Warner Brothers. They have 437 00:25:21,000 --> 00:25:24,399 Speaker 3: said they're going to keep both studios running fully independently, 438 00:25:24,920 --> 00:25:27,439 Speaker 3: but I'll tell you they're also talking about, you know, 439 00:25:27,880 --> 00:25:30,480 Speaker 3: billions upon billions of dollars of cost savings. 440 00:25:30,960 --> 00:25:32,560 Speaker 4: And I'll just be honest with you. 441 00:25:32,920 --> 00:25:35,680 Speaker 3: I remember back when Disney bought Fox and the whole 442 00:25:35,840 --> 00:25:37,920 Speaker 3: act with you know, this was one during the first 443 00:25:37,960 --> 00:25:41,359 Speaker 3: Prump administration, if you remember, a big part of that was, oh, 444 00:25:41,440 --> 00:25:44,480 Speaker 3: we're going to keep Fox fully independent. Well, I'll tell 445 00:25:44,520 --> 00:25:47,680 Speaker 3: you now, what is It's seven years later. Fox is 446 00:25:47,720 --> 00:25:50,399 Speaker 3: a shell of itself, and yes it does release some movies, 447 00:25:50,840 --> 00:25:55,680 Speaker 3: but you've seen dramatically, a dramatic strength and a tremendous 448 00:25:55,680 --> 00:25:59,440 Speaker 3: amount of the overhead, meaning jobs of the two studios 449 00:25:59,720 --> 00:26:02,639 Speaker 3: was a eliminated. Like there's a tremendous amount of duplicative 450 00:26:02,720 --> 00:26:06,840 Speaker 3: jobs between Powamount and Warner Brothers that certainly doesn't exist 451 00:26:06,920 --> 00:26:10,000 Speaker 3: in Netflix. No, there's a Netflix skeptic out there that said, oh, 452 00:26:10,040 --> 00:26:12,320 Speaker 3: Netflix won't release movies and movie theaters. They are just 453 00:26:12,359 --> 00:26:15,800 Speaker 3: saying that to get approval. You know, obviously there's no 454 00:26:15,880 --> 00:26:18,920 Speaker 3: way to know what Netflix ultimately does. But I will 455 00:26:18,960 --> 00:26:22,200 Speaker 3: say they seem more committed to being in the theatrical 456 00:26:22,280 --> 00:26:25,399 Speaker 3: business than I ever expected them to be. If you 457 00:26:25,440 --> 00:26:27,520 Speaker 3: were to asked me about this transaction on your show 458 00:26:27,600 --> 00:26:29,800 Speaker 3: six months ago, I would have said, there's no way 459 00:26:29,840 --> 00:26:32,919 Speaker 3: they're going to do theatrical. They seem pretty committed to 460 00:26:32,960 --> 00:26:35,639 Speaker 3: getting into the theatrical business, which surprises me. But it 461 00:26:35,680 --> 00:26:37,439 Speaker 3: is also to your point, good for jobs. 462 00:26:39,040 --> 00:26:42,919 Speaker 1: There is a concern, I'm one of them, about foreign influence, 463 00:26:43,320 --> 00:26:48,399 Speaker 1: and I want American made movies and entertainment to be 464 00:26:48,440 --> 00:26:51,480 Speaker 1: made here without outside influence. A great example of some 465 00:26:51,480 --> 00:26:54,560 Speaker 1: of that outside influence we've witnessed was when Todd Gren 466 00:26:54,560 --> 00:26:57,959 Speaker 1: Maverick was not even allowed to be shown over in 467 00:26:58,040 --> 00:27:01,480 Speaker 1: China because of a patch that was on jacket that 468 00:27:01,480 --> 00:27:03,840 Speaker 1: that was in favor of, you know, supporting Taiwan. 469 00:27:03,960 --> 00:27:05,600 Speaker 2: Like, I see things like that, and I'm like, all right, 470 00:27:05,640 --> 00:27:06,160 Speaker 2: I want. 471 00:27:05,960 --> 00:27:08,600 Speaker 1: To make sure those movies still get made without foreign 472 00:27:08,600 --> 00:27:11,960 Speaker 1: inf So break that down for me. Where's the money 473 00:27:12,000 --> 00:27:14,840 Speaker 1: coming from the for for all this to get done? 474 00:27:15,600 --> 00:27:15,760 Speaker 4: Well? 475 00:27:15,760 --> 00:27:19,480 Speaker 3: I mean, look, you know, the reality is, you know, 476 00:27:19,480 --> 00:27:23,719 Speaker 3: when you look at private equity broadly defined, more and 477 00:27:23,760 --> 00:27:26,840 Speaker 3: more of it has certainly come from overseas. Certainly the 478 00:27:26,880 --> 00:27:31,440 Speaker 3: Middle East has been the huge driver of major transactions 479 00:27:31,480 --> 00:27:34,000 Speaker 3: in the US. I mean, Ben, I don't know if 480 00:27:34,040 --> 00:27:36,560 Speaker 3: you're folks how much you focus on it. But EA, 481 00:27:36,760 --> 00:27:41,520 Speaker 3: which you know, makes big games, like you know, the 482 00:27:41,080 --> 00:27:45,199 Speaker 3: ocean games that your listeners play, that is being acquired, 483 00:27:45,400 --> 00:27:48,240 Speaker 3: you know, by sovereign wealth. You know, it's being acquired 484 00:27:48,280 --> 00:27:52,040 Speaker 3: by Saudi Arabia's you know, public investment. Fun So if 485 00:27:52,920 --> 00:27:55,920 Speaker 3: and so Middle East is not just targeting you. 486 00:27:55,840 --> 00:27:56,680 Speaker 4: Know, Sollywood. 487 00:27:57,600 --> 00:28:01,840 Speaker 3: They are really looking across the entertainment ecosystem and. 488 00:28:01,400 --> 00:28:03,800 Speaker 4: Making big acquisitions. Now, you know, we'll. 489 00:28:03,600 --> 00:28:07,080 Speaker 3: See, obviously from a regulatory standpoint, whether all of these 490 00:28:07,119 --> 00:28:10,760 Speaker 3: things are quote unquote allowed. You know, I think there 491 00:28:10,800 --> 00:28:13,359 Speaker 3: are certainly going to be challenges and questions of whether 492 00:28:13,440 --> 00:28:16,960 Speaker 3: this is good and what's the longer term impact. Obviously, 493 00:28:17,000 --> 00:28:19,720 Speaker 3: we saw what happened with TikTok and how much the 494 00:28:19,760 --> 00:28:23,720 Speaker 3: government did not want something that. Forget about even the spying, 495 00:28:23,760 --> 00:28:27,560 Speaker 3: that there was a fear that China could influence the algorithm, 496 00:28:27,920 --> 00:28:30,239 Speaker 3: China could manipulate, and whether it was true or not, 497 00:28:30,640 --> 00:28:34,080 Speaker 3: there was enough fear regulatory wise to force a sale 498 00:28:34,119 --> 00:28:37,880 Speaker 3: of the algorithm and of the US business. 499 00:28:37,760 --> 00:28:39,000 Speaker 4: To US investors. 500 00:28:39,000 --> 00:28:42,360 Speaker 3: And so this is clearly, in the government's mind, a 501 00:28:42,400 --> 00:28:46,440 Speaker 3: clear and present danger. We'll see whether what happens with TikTok, 502 00:28:46,800 --> 00:28:47,760 Speaker 3: what happened with EA. 503 00:28:47,840 --> 00:28:49,800 Speaker 4: And then obviously there's no. 504 00:28:49,760 --> 00:28:52,680 Speaker 3: Issue with foreign money for the Netflix Warner Brothers transaction 505 00:28:52,800 --> 00:28:56,479 Speaker 3: because Netflix is obviously a US company. They are funding 506 00:28:56,480 --> 00:29:01,720 Speaker 3: this transaction entirely themselves. But the the bidder against them paramount. 507 00:29:02,560 --> 00:29:05,000 Speaker 3: While Larry Nelson is putting up some of the capital 508 00:29:05,240 --> 00:29:08,720 Speaker 3: from his family's wealth, the majority of the actually of 509 00:29:08,760 --> 00:29:11,960 Speaker 3: the equity of the transaction is being financed from three 510 00:29:12,360 --> 00:29:14,600 Speaker 3: sovereign wealth funds in the Middle East, and while they 511 00:29:14,640 --> 00:29:18,400 Speaker 3: are quote unquote giving up all governance in control, they 512 00:29:18,400 --> 00:29:22,400 Speaker 3: certainly are investing the single largest dollar amounts in this transaction. 513 00:29:22,560 --> 00:29:25,040 Speaker 3: And so look at you know, whether there is a 514 00:29:25,120 --> 00:29:28,000 Speaker 3: siffiust regulatporty concern TVD. 515 00:29:28,040 --> 00:29:29,320 Speaker 4: They've obviously said there is not. 516 00:29:30,200 --> 00:29:34,400 Speaker 3: I assume that will take time to actually ascertain if in. 517 00:29:34,320 --> 00:29:36,720 Speaker 4: Fact they end up winning the bidding for this transaction. 518 00:29:36,840 --> 00:29:40,000 Speaker 3: But look, I think you're actually raising a really important 519 00:29:40,040 --> 00:29:42,760 Speaker 3: point of forget about whether we're talking about Hollywood and 520 00:29:42,840 --> 00:29:46,959 Speaker 3: movie or TV broad inness to whether it's video games, 521 00:29:47,040 --> 00:29:50,640 Speaker 3: things like TikTok social media feeds. Do we want any 522 00:29:50,800 --> 00:29:53,640 Speaker 3: of these things that have such an impact on culture, 523 00:29:53,960 --> 00:29:56,760 Speaker 3: especially on young people and the culture they grow up on. 524 00:29:57,240 --> 00:30:00,000 Speaker 3: How much do they do we want outside foreign influence 525 00:30:00,720 --> 00:30:02,600 Speaker 3: in the control of these things. And it's it's a 526 00:30:02,640 --> 00:30:04,840 Speaker 3: great and important question that everyone should be asking. 527 00:30:05,280 --> 00:30:06,600 Speaker 2: Yeah, it's it's an important one. 528 00:30:06,640 --> 00:30:08,760 Speaker 1: And you talk about I mean, even with live golf 529 00:30:08,760 --> 00:30:10,920 Speaker 1: and the PGA Tour, we've seen that battle play out 530 00:30:11,280 --> 00:30:12,240 Speaker 1: with outside influence. 531 00:30:12,280 --> 00:30:13,720 Speaker 2: Be like, wait, what do you why? Why? 532 00:30:13,920 --> 00:30:15,480 Speaker 1: Why are there so many people trying to throw so 533 00:30:15,560 --> 00:30:19,680 Speaker 1: much money getting into American households, uh and American you know, 534 00:30:19,720 --> 00:30:22,560 Speaker 1: different products or Europe. I mean, golf's a great example 535 00:30:22,600 --> 00:30:26,000 Speaker 1: of that. There's been a lot of debate over that one, 536 00:30:26,080 --> 00:30:28,080 Speaker 1: and it's certainly on this one as well. Let me 537 00:30:28,160 --> 00:30:30,280 Speaker 1: let me go back to the jobs question and expand 538 00:30:30,280 --> 00:30:32,360 Speaker 1: on that just a little bit. Paramount, by the way, 539 00:30:32,720 --> 00:30:36,120 Speaker 1: they're relatively small for a media company, as was by 540 00:30:36,120 --> 00:30:39,800 Speaker 1: the way, Skydance when it acquired it. So is there 541 00:30:39,840 --> 00:30:42,640 Speaker 1: a concern should there be a concern about Paramount being 542 00:30:42,680 --> 00:30:45,320 Speaker 1: able to operate a business that is of Warner Brothers 543 00:30:45,320 --> 00:30:49,040 Speaker 1: Discovery size, especially when they're already so leveraged. 544 00:30:50,920 --> 00:30:54,960 Speaker 3: Look, we have a we have We are very excited 545 00:30:55,000 --> 00:30:57,800 Speaker 3: by David Ellison coming in. Pireamount has been a company 546 00:30:58,640 --> 00:31:00,520 Speaker 3: I don't know how long you follow sort of the 547 00:31:00,640 --> 00:31:04,280 Speaker 3: Redstone family struggles and the challenges that this has been 548 00:31:04,320 --> 00:31:06,040 Speaker 3: a trouble company for a long time. 549 00:31:06,080 --> 00:31:07,920 Speaker 4: And bringing in someone like. 550 00:31:07,920 --> 00:31:11,880 Speaker 3: David Ellison, who not just has a tremendous amount of 551 00:31:11,920 --> 00:31:17,760 Speaker 3: family wealth but also has a love of content, really 552 00:31:17,880 --> 00:31:20,280 Speaker 3: wants to build and leverage technology. 553 00:31:20,680 --> 00:31:22,800 Speaker 4: This is a great thing for Paramount. 554 00:31:22,640 --> 00:31:27,120 Speaker 3: You know, having a fresh start to life. And I 555 00:31:27,160 --> 00:31:29,920 Speaker 3: think you know you mentioned the word leverage. The beauty 556 00:31:29,920 --> 00:31:33,120 Speaker 3: of the Paramount Skidace transaction is that leverage was brought down. 557 00:31:33,600 --> 00:31:35,480 Speaker 3: They actually gave it a point where they could be 558 00:31:35,520 --> 00:31:37,600 Speaker 3: aggressive investors. I don't know if you watched the UFC 559 00:31:38,120 --> 00:31:40,480 Speaker 3: either of the last two Saturday nights, but they went 560 00:31:40,480 --> 00:31:42,440 Speaker 3: out and they spent a billion dollars plus. 561 00:31:42,200 --> 00:31:43,280 Speaker 4: On the UFC rights. 562 00:31:43,320 --> 00:31:47,080 Speaker 3: Like they are aggressively investing in their business really for 563 00:31:47,120 --> 00:31:49,320 Speaker 3: the first time in probably a decade, Like you are 564 00:31:49,360 --> 00:31:53,240 Speaker 3: seeing Paramount actually in the you know, take control and 565 00:31:53,320 --> 00:31:55,000 Speaker 3: actually be an aggressive investor. 566 00:31:55,480 --> 00:31:56,160 Speaker 4: That is great. 567 00:31:56,680 --> 00:31:59,080 Speaker 3: The challenge with Warner Brothers is that they're then trying 568 00:31:59,120 --> 00:32:01,360 Speaker 3: to because they are don't have enough cash because they 569 00:32:01,400 --> 00:32:04,280 Speaker 3: are a smaller company. As you point out, they're levering 570 00:32:04,400 --> 00:32:07,520 Speaker 3: up aggressively. And that's what worries me is I don't 571 00:32:07,680 --> 00:32:10,520 Speaker 3: like in a business of TV with so much is changing. 572 00:32:10,960 --> 00:32:13,880 Speaker 3: We talked about it at the top of the segment, 573 00:32:14,840 --> 00:32:19,200 Speaker 3: how behavior consumer behavior is shifting. Levering up is not 574 00:32:19,400 --> 00:32:21,400 Speaker 3: you know, having a tremendous amount of debt is not 575 00:32:21,440 --> 00:32:23,719 Speaker 3: really where you want to be as a media company. 576 00:32:23,720 --> 00:32:25,200 Speaker 4: In twenty twenty six, and so. 577 00:32:25,680 --> 00:32:28,760 Speaker 3: I actually think Paramount would be better off not buying 578 00:32:28,760 --> 00:32:32,160 Speaker 3: Warner Brothers and simply investing in itself, you know, if 579 00:32:32,160 --> 00:32:35,719 Speaker 3: it doesn't have more capital from Larry directly. I actually 580 00:32:35,720 --> 00:32:38,240 Speaker 3: think going to solo Paths would actually be a better 581 00:32:38,560 --> 00:32:43,160 Speaker 3: outcome for investors than over levering the company. But you know, 582 00:32:43,320 --> 00:32:46,480 Speaker 3: we'll see, obviously, you know, it all comes down to money, 583 00:32:46,480 --> 00:32:49,040 Speaker 3: and if they can raise enough money, I am sure 584 00:32:49,080 --> 00:32:51,840 Speaker 3: there is some price where they could beat Netflix or 585 00:32:51,880 --> 00:32:54,160 Speaker 3: Warner Brothers, but it's going to take a lot of 586 00:32:54,200 --> 00:32:58,280 Speaker 3: firepower to convince the board to switch from Netflix over 587 00:32:58,320 --> 00:32:58,920 Speaker 3: to Paramount. 588 00:32:59,400 --> 00:33:01,520 Speaker 1: Final question for you, if you could be at this 589 00:33:01,600 --> 00:33:05,040 Speaker 1: hearing on Tuesday, what's the number one question you'd want 590 00:33:05,040 --> 00:33:05,640 Speaker 1: to ask? 591 00:33:06,000 --> 00:33:08,200 Speaker 4: Well, I mean, I think it's funny. 592 00:33:09,240 --> 00:33:11,920 Speaker 3: I think I would literally start off by just saying 593 00:33:12,080 --> 00:33:15,800 Speaker 3: to each senator who's interviewing, I'd love for them to 594 00:33:15,880 --> 00:33:21,240 Speaker 3: answer the question, what is the number one use in 595 00:33:21,320 --> 00:33:24,760 Speaker 3: terms of content consumption of television? 596 00:33:25,040 --> 00:33:26,520 Speaker 4: Like, do they even realize? 597 00:33:26,680 --> 00:33:30,840 Speaker 3: I'm actually curious how many senators in the hearing actually 598 00:33:30,880 --> 00:33:35,480 Speaker 3: realize that there's more time spent watching YouTube than everything 599 00:33:35,520 --> 00:33:39,160 Speaker 3: that the Walt Disney Company creates than everything that Netflix 600 00:33:39,160 --> 00:33:42,000 Speaker 3: and Amazon create, Like, are they aware of that? 601 00:33:42,680 --> 00:33:44,080 Speaker 4: I think that would be a big one. 602 00:33:44,080 --> 00:33:46,080 Speaker 3: And then the second piece bend that I think is 603 00:33:46,120 --> 00:33:48,920 Speaker 3: important is I do think I would question them on 604 00:33:49,360 --> 00:33:51,160 Speaker 3: are they aware of what happened. 605 00:33:50,880 --> 00:33:52,120 Speaker 4: With Disney Plus and Hulu? 606 00:33:52,160 --> 00:33:55,760 Speaker 3: Because remember Disney butt Fox and by getting Fox, Disney 607 00:33:55,760 --> 00:33:59,120 Speaker 3: got control of Hulu. And if you look at what's 608 00:33:59,120 --> 00:34:02,880 Speaker 3: happened with Disney Plus in Hulu. So right now, if 609 00:34:02,960 --> 00:34:06,920 Speaker 3: your listeners have either Disney Plus or Hulu individually and 610 00:34:06,960 --> 00:34:08,800 Speaker 3: they kick it with ad so they take the cheapest 611 00:34:08,840 --> 00:34:12,720 Speaker 3: plan possible for Disney Plus, your listeners are paying eleven 612 00:34:12,800 --> 00:34:16,439 Speaker 3: ninety nine. For Hulu, your listeners are paying eleven ninety nine, 613 00:34:16,880 --> 00:34:20,040 Speaker 3: but the bundle of Disney Plus and Hulu is twelve 614 00:34:20,120 --> 00:34:20,760 Speaker 3: ninety nine. 615 00:34:21,200 --> 00:34:23,600 Speaker 4: So when you think about the consumer. 616 00:34:23,200 --> 00:34:29,000 Speaker 3: Value of bundling and how much bundling channels creates really 617 00:34:29,120 --> 00:34:33,400 Speaker 3: cost savings for consumers. So Hulu Disney Plus a study 618 00:34:33,880 --> 00:34:38,160 Speaker 3: is a great example of how Netflix plus Hbo would 619 00:34:38,200 --> 00:34:40,960 Speaker 3: be a great thing for consumers because you may end 620 00:34:41,080 --> 00:34:45,520 Speaker 3: up with a lot more content for a very slight 621 00:34:45,640 --> 00:34:48,560 Speaker 3: increase in price relative to what you're paying for for 622 00:34:48,600 --> 00:34:49,680 Speaker 3: each of these individually. 623 00:34:50,280 --> 00:34:51,240 Speaker 2: Penys on the dollars. 624 00:34:51,280 --> 00:34:53,160 Speaker 1: Basically what you're saying, it's like it's almost like a 625 00:34:53,200 --> 00:34:55,400 Speaker 1: buy one, get a huge. It's a bogo, right, you 626 00:34:55,440 --> 00:34:57,240 Speaker 1: buy one, you get one at dirt cheap. 627 00:34:57,719 --> 00:34:59,680 Speaker 3: Per I mean, that's what it is with Disney and Hulu, 628 00:35:00,040 --> 00:35:02,800 Speaker 3: basically getting If you buy Disney Plus, you get Hulu 629 00:35:02,800 --> 00:35:04,400 Speaker 3: for a dollar. If you get Hulu, you get Disney 630 00:35:04,400 --> 00:35:08,360 Speaker 3: Plus for a dollar. That's a pretty tremendous deal for consumers. 631 00:35:08,680 --> 00:35:11,120 Speaker 3: I don't know that that's what Hbo and Netflix. It 632 00:35:11,120 --> 00:35:12,879 Speaker 3: would be a good question to ask them to think 633 00:35:12,920 --> 00:35:15,280 Speaker 3: about how they're thinking about pricing. 634 00:35:14,920 --> 00:35:16,520 Speaker 4: The combined services. 635 00:35:16,560 --> 00:35:19,080 Speaker 3: But if you certainly look at Disney Plus and Hulu, 636 00:35:19,600 --> 00:35:23,120 Speaker 3: the end result has been a tremendous win for consumers. 637 00:35:23,160 --> 00:35:24,200 Speaker 4: There's no doubt about it. 638 00:35:24,480 --> 00:35:24,680 Speaker 2: Rich. 639 00:35:24,760 --> 00:35:27,560 Speaker 1: I appreciate your time, Rich Greenfield. I don't forget Grab 640 00:35:27,600 --> 00:35:31,320 Speaker 1: the podcast, the Light Shed podcasts. Wherever you get your podcasts, 641 00:35:31,320 --> 00:35:32,840 Speaker 1: they dive into a lot of this type of stuff. 642 00:35:32,880 --> 00:35:35,560 Speaker 1: I hope this helped answer a lot of questions. Well, 643 00:35:35,640 --> 00:35:38,640 Speaker 1: keep following this story. I can promise you that we've 644 00:35:38,640 --> 00:35:40,880 Speaker 1: got a lot more that's going to happen the days ahead, 645 00:35:40,920 --> 00:35:43,799 Speaker 1: So make sure you don't forget grab our podcast, the 646 00:35:43,840 --> 00:35:47,440 Speaker 1: Ben Ferguson Podcasts, wherever you get your podcasts as well, 647 00:35:47,840 --> 00:35:50,399 Speaker 1: hit that subscriber auto download button so you don't miss 648 00:35:50,480 --> 00:35:51,920 Speaker 1: any of the breaking news.