let's go back to michael nathanson as we reconnect.alking about how spongebob at viacom cbs did in william wang. streaming is being tested. what about streaming an update. is that what did in william wang? michael: what did it in was the valuation was insane. viacom claimed they raise capital, they needed more capital to invest in direct to consumer. one of the things you and i have talked about is the capital intensity of this pivot. very few companies besides netflix and disney and amazon have the balance sheet, have they investor base to do this. what viacom is trying to do is play catch up in a very difficult business. raising capital where they did -- we need more money for directive to consumer spending. that was the beginning of the end. i do not think it recovers. i think it was overvalued. we put a sell on it on wednesday. i think they're in a different place than these other companies. tom: i happen to be out in l.a. over the last week. instead of going abroad we decided to stay in the country. you cannot help but notice for

an annual visit with craig moffett and michael nathanson of moffat nathanson.nding partners. if you got their hands -- if you got your hands on their black book years ago you read it cover to cover. this year, the importance of our homes, our tv's, our kids come and what the future is for media. this is must listen for global wall street. i do not know who to begin with. i think craig moffett is better looking. michael, i'm going with craig. lisa: starting with the bank. -- starting with a bang. tom: craig, i was thunderstruck at the cord cutting that is going on. when the pandemic is overdue we continue to cut the cord? craig: thank you for having us on. it is always a pleasure. thank you and thanks for the kind words. we will continue to court cut. what michael and i have been writing about in the last year is this has become a self-fulfilling prophecy. we talk about two vicious cycles that have started in cord cutting, where first it was about sports. the sports contracts are fixed for the programmers. their prices keep going up. they have no choice but to p

this morning we have a downgrade from our friend michael nathanson at moffett nathanson who is talking about valuation there and the have and have not, we can get to that in a minute, but as a reflection what is going on in the stock market, viacom is not a bad one to use, is it, jim >> no, and the other one i first heard from you is quantumscape, which is maybe one the best spacs. what we're looking for a battery that charges faster and lasts longer and these guys have it. they want to offer some stock. they announced that they're going to offer some stock. and the stock is right around 64 and 800 million. they're pricing it today at 40 so what that says is the 64 was not a real price is that what -- and they down-sized the offer there was just, that is, again, em emblematic and viacom, now 66. >> and quantumscape goes down to 40 it was 64. and what this says to me is the prices aren't real they can't handle any volume there can't handle the shorts. you had a lance to make a deal and now it is a little late and the fuel that you got from younger people, david -- >> well, that's my que