Speaker unverified: belief

Transcript context

…Well, for acquisition category, why don’t we actually take a stab from both directions. So let’s say first because it actually was AOL taking over Time Warner, what kind of acquisition was that for AOL? Our standard categories are people, technology, product, business line, asset or other. Brian, if I may be so bold as to voice what I think you would say, this is actually an “other” because it's not necessarily acquiring, if anything, it’s maybe acquiring a business line but it’s like acquiring stability and liquidity. It seems to be what you're implying. Like applying an exit strategy. See, here’s what I would say. The rationale is that they’re buying the business line or the technology. It’s murky to me what the category is. But they want the cable company so that they can transition into broadband. That’s their rationale. What are they really buying? The assets. They’re essentially trying to say, “Listen, if our stock is ephemeral, we need to convert it into something that will last forever.” Time Magazine has been around since the ‘20s. Warner Brothers has been around since the ‘20s. Like it’s the asset of content is king that they were really in their heart going after. Yeah. Well put. Man, and as a little aside, like if you are at the negotiating table there and you’re AOL, how do you keep a straight face through all this and really represent what you're in this for and what Time Warner is getting.…

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