keybank's justin patterson. welcome. talk quickly. is not a stock you follow, but i'd like to get your reactions on it. the action in it as it bears on media consolidation, something that everybody seems to be talking about these days. >> yeah. thanks for having me, tyler. again, municipal, my colleague, the media stocks but stepping back, expecting consolidation for a while with the industry. everybody went into direct-to-consumer offerings like netflix to try to get that netflix multiple and a lot of companies have found this is a very difficult business model to get working. sure, higher than you expect in a cable world. you have to keep pumping out new content. that's costly. seen that damage. all on free cash flows across the industry so far. we feel that streaming players like netflix are in the poll position and need to make difficult choices. >> difficult. apollo offering $11 billion for a company paramount, for the -- for the studio, and the entire company is only worth in recent trading about $7.7 billion. suggesting the cak