edgar bronfman bid on that company.r ceo of warner music group and seagrams, a business started by his grandfather. great to see you. >> great to see you, too. >> we have not seen you on the air so this is terrific. i want to get to some. businesses you're involved in right now but in terms of what's happening to media on the larger scale, not just time inc., time warner and at&t, verizon, charter, how do you see all this playing out right now? >> it's a little bit like the wild west. no one is quite sure how it's going to come out. the music industry was probably the harbinger of all of this. it's unbundled. anything consumer wants to get in the way they want to get it, they'll be able to do. everybody is scrambling to figure out what business model they can pr sursue to catch up that. >> who do you think the winners and losers are? >> content and distribution have not lived well together. that's a tough marriage. >> you look at the at&t/time warner transaction and you say what? >> i say it's going to be tough to make