—since you've been at a BofA conference, but we're thrilled to have you. You've been at Comcast and NBCU for more than two decades. You've had a front row seat for the enormous changes across the media industry. Aside from preparing for the separation, which obviously we'll discuss in a few minutes, as you look out over the next three to five years, can you talk about what your top priority is for NBCUniversal Media Group, and what success looks like to you? Well, first, thank you, Jessica, for inviting me. It's good to see you again. When you take a step back and you look at NBCUniversal's Media Group, we have a really strong portfolio of assets. You've got NBC, Bravo, Peacock, NBC Sports, NBC News, Telemundo. These are assets that truly work better together. NBC, in many ways, is like a megaphone. It has tremendous reach, tremendous promotion. It was really critical as we were building Peacock. Peacock also is reaching new viewers, new audiences, that we're able to drive back to NBC and Bravo. About 18 months ago, we restructured the media group into what I like to call centers of excellence. Where before we had a streaming division, a broadcast division, we just centralized everything into one programming group, one marketing, one advertising, one product and technology, and it's been very empowering to the teams because it's very much content first, platform second. How do we get the maximum reach, the maximum engagement? How do we drive top-line revenue? How do we ensure that we're investing and getting the right return, but at a portfolio level versus looking at it through any one individual asset? When you look at how we've been performing this year, we feel really good about the momentum. If you look at NBC, we were number one in the 2025/2026 season for total viewers. Earlier this year, we had, as you know, legendary February, where the Super Bowl was the highest-rated Super Bowl. It was actually the highest-rated live event in NBC's 100-year history. Wow. The Milano Cortina Winter Olympics were the highest-rated since 2014. This summer, we had the World Cup on Telemundo, which was the highest-rated Spanish language World Cup in U.S. history. Peacock had Love Island this summer, which was the number one streaming show. We had The Five-Star Weekend, which was the number one scripted original that we've had on Peacock. It feels like we're firing on all cylinders, but what's also really interesting is the interplay of the audiences. For example, about 40% of those Love Island viewers were also watching the World Cup, and that is effectively our strategy, which is how do we use sports to drive acquisition? How do we drive engagement and retention using entertainment? How do we get the maximum value for our content across the portfolio? Right. As you plan to separate, as Comcast, you announced you're separating in the coming year or so. You have, well, it's NBCU and Sky, and we'll get to Sky in a second, but what does operating as an independent company allow NBCUniversal, and more specifically NBCUniversal Media Group that you chair, to do differently? Are there areas where you expect greater strategic or financial flexibility? Well, I don't think being independent changes our overarching strategy. I think what it does is it allows us to move faster. I think it gives us more flexibility. We have an incredibly strong management team led by Mike Cavanagh. There's a few areas that I think just played our strengths. For example, one area is live events and sports. When you look across NBC, Peacock, Telemundo, Sky, we have amassed one of the largest and most valuable sports portfolios in media. That allows us to drive ratings, monetization. It allows us to drive subscriber acquisition for Peacock. You're also seeing when we partner with the leagues, the leagues are also looking for how do we drive incremental reach. We check a lot of boxes. We have broadcast cable, digital streaming. We've demonstrated that we can drive audience and grow the addressable audiences for the sports leagues. Look at Sunday Night Football. It's been number one in prime time 15 consecutive years in a row. I think that that's an example of how we're able to drive more reach as a portfolio. I think another example would be talent franchises, IP. That's an area that is an opportunity for investment. Donna Langley and the team have created this unbelievable environment where the best talent wants to work with Universal, whether it's Christopher Nolan or Chris Meledandri or Lorne Michaels, or soon to be Taylor Sheridan. These franchises we're able to build and then extend across film, TV streaming, and even our theme parks. I think because we're independent and we're not a closed ecosystem, we also have the ability to be more flexible when it comes to partnerships. For example, we announced a deal this summer with YouTube. I think that is the type of innovation that we are looking to continue driving. I would not say that the independence changes how we are looking at media. I think it just gives us more flexibility to move quicker. We are not trying to build a broadcast business sitting next to a streaming business. We are trying to build a digital-first new media company where we are trying to get the maximum return for our investment across the portfolio. These are such different businesses. Obviously, given yesterday's performance of the parent company, having a separate trading equity, there is obviously a big difference in performance. Yeah. Having separate currencies, I think, will be rewarded in different ways. Yeah. I would say internally at NBC, there is genuine excitement Yeah We feel really good about our trajectory and our growth. I think the independence is going to allow us to move faster. It's like a catalyst for us. Right. Amazing. We're going to go to every piece of that you talked about in terms of assets. Let's start with Peacock. Peacock recently reached quarterly profit. You've continued to add subs. What do you think the biggest drivers of sustainable profit are from here? What does Peacock at scale ultimately look like to you? We launched Peacock in 2020. If you go back six years, it's pretty remarkable how different the streaming landscape looks now than it did back then. I would say most media companies at the time were focused on ad-free, binge-viewing scripted dramas, almost growing subscribers at any cost. We clearly came to the market with a very different strategy. We did not see streaming as a separate business. We saw it as an extension of our broadcast business. That influenced our strategy in some pretty profound ways. The first was to really look at Peacock as a dual revenue stream business. Two revenue streams is typically better than one. NBC is a dual revenue stream business. We have, obviously, a very deep advertising infrastructure led by Mark Marshall, and we truly believed that the advertisers would follow the eyeballs to streaming. We anchored Peacock as an ad-supported service. When you look at our sub mix, about 80% of our subscribers are on the ad tier. That's been critical as we're driving ARPU to have those two revenue streams. The other important part of the strategy is we really anchored ourselves around live and sports, which at the time was incredibly controversial because the belief was the future is on demand, it's binge-viewing, nobody watches live events anymore. We knew that that wasn't true, especially given our cable DNA of understanding how people consume media. We really started investing in live events and sports. I think that there was something about streaming at the time that, to me, felt like a casino. There was no sense of time or place. There was no urgency. What you want with a streaming service is frequency. How do I get somebody to come to my app every single day? Live events is probably the best way to do that. That was a very core part of our strategy, but it was also investments we made in the technology, because to scale live sports is incredibly difficult. It is not for the faint of heart and the tolerance of the consumer for pixelation, latency, when the video and audio don't sync, it's zero. For us, we now have a platform that has been proven, whether it's the Olympics or exclusive NFL playoff games, and I think that that's actually an example of investments that we made early on. I think that when you look at where we are today, in Q2, we reached 48 million subscribers. We had our first quarter of profitability, which was a great milestone for the team. I think it's the beginning of the validation of our strategy, which we've been very consistent about from the beginning. When we look out for the future, we feel really good about continuing to scale Peacock, both through direct- to- consumer, but also through wholesale partnerships. I think the real growth is going to continue to come from focusing on engagement because of that dual revenue stream and how we're able to monetize the engagement. We're not measuring our success based on hitting a certain subscriber number. What we're looking for is a healthy subscriber base, continuing to drive ARPU, growing revenue and margin faster than the underlying cost basis. Right. Subjective two cents, but you were digging when everyone said you were the only one with an AVOD strategy out of the gate. Absolutely true. Mark Marshall is amazing. He is fantastic. He has just done a phenomenal job. Yeah, I think that we have been very consistent. We have said from the beginning, this is not a sprint, it is a marathon at a sprinter's pace. If you look at the decisions we made in 2020, we have been incredibly consistent, where others, I think, have evolved their strategy, arguably closer to what we have been doing. I think because of some of those earlier decisions and bets, we feel very well-positioned for continued growth, especially given the fact that we are going to be independent and we are now managing much more aligned as a portfolio. Right. Advertising, obviously one element, live plays into that super well. You have also taken price while growing Peacock. What does that tell you about the service's pricing power? How do you balance ARPU growth while maintaining a strong consumer value proposition? I actually think Peacock is an incredible value in the market. When you look at the service, you have got next day NBC and Bravo, you have got Universal films, Focus Features films in the most premium Pay-One window. We have got a growing portfolio of originals that we are investing in, and we have talked about sports. We have got NFL, NBA, MLB, Premier League, Big Ten, Olympics. We have got an incredible portfolio of sports. When I compare Peacock to other streaming services in the market, there are some streaming services that are comprised primarily of sports that are double the retail price of Peacock. I think we have got the ability to continue to look at rate growth in the future. As you know, we took a price increase this summer on Peacock. Now, all of that being said, I think you have got to be mindful of consumer share of video wallet. You have to be aware of the macroeconomic environment. We have also tried to be surgical around giving consumers choice. Choice means you can sign up for Peacock through our website or through our app. You can get Peacock through a bundle. You can get Peacock as part of paid television. You can get a discount on Peacock if you purchase an annual plan. You are trying to look for incrementality to continue driving subscribers and growth, but you are also looking at different cohorts and different sales channels to maximize that incrementality. I think the next evolution for us is to start thinking of subscribers more as members. If you can evolve your subscriber base to a membership base, what you are doing is you are providing more values to drive loyalty and retention, so the only calculus is not limited to what is the content offering at that moment, but what are the other benefits that we could be making available as part of Peacock. For example, because we are testing this right now, we have got a membership program, which is primarily based on tenure and engagement levels. What that looks like is, if you are a Peacock member, you can get 25% off NBC and Bravo merchandise. If you are a Peacock member and you watch three movies in a month, you can earn a free pizza. We have a partnership with Instacart, where Peacock subscribers can get a free annual subscription to Instacart+. You can imagine, again, now that we are managing much more closely as a portfolio across NBCUniversal, maybe this evolves into something where you get benefits at the theme park or BravoCon, or you talked about advertising, like how do we take the partnership we have with advertisers to create better values and discounts and activations for our subscribers. This is an area that we are starting to lean more aggressively into, but I think it changes the aperture of how you think about future rate increases, because the more value we can provide into the subscription, in addition to video, I think the more opportunity we are going to have for continuing to also improve retention and drive down churn. Right. Loyalty overall. Right. Obviously, drive engagement and usage of the app, et cetera. The theme park connection is very interesting. I guess, on moving on to the content piece of it, as you think about You've obviously beefed up sports in a very big way. You have tons of great movies. You mentioned Taylor Sheridan is coming, which is incredible. Is that in two years? Yeah. Well, we have a relationship with 101 Studios and Taylor Sheridan. I believe it's in 2029. Okay. So still over two years. But we also have Yellowstone. We have the rights, as I think you know, to Yellowstone exclusively for streaming on Peacock. We know the power of Taylor Sheridan, which is why we're incredibly excited about this relationship. I think it's only going to help continue to fuel our strategy about driving additional engagement, but also new franchises. Right. And possibly new IP— Right for the portfolio. If there was a knock on Peacock, it would be the originals, like how quickly. You have ramped- up originals. As you think about the incremental dollar of content spend, can you just walk us through how you think about where the money goes? Is it sports, originals, entertainment, library, syndicated content, or something else? And how do you know that that investment is working? What are you looking for? The answer to that question actually changes depending on where you are in the life cycle of your business. When we were building streaming with Peacock, we were very focused on acquisition. The content that tends to drive acquisition, sports is one, and you can analyze what is the addressable audience for a sport, what is the conversion of subscribers you would need against that addressable audience based on the CLV to then justify the level of investment. We have been very surgical, and I would say disciplined, in how we have evaluated the different sports and live events that we have been acquiring because they become mechanisms for how we have been able to grow acquisition. Originals are another way to drive acquisition. All Her Fault was a very popular show for us. Five Star Weekend was a very popular show for us. Love Island was the number one show for the summer. We are able to drive acquisition through originals, and Donna Langley and the team are really leaning in and doing a great job at continuing to build the original machine for us. I think that movies, especially in that early Pay-One window, consumers understand the value of premium movies in that earlier window. When you have a movie like Obsession or The Super Mario Galaxy Movie, or in the coming months, The Odyssey— Oh my God. Mm-hmm. people will part money to get access to those movies as part of a subscription. If you manage a subscription business, and I've been in this business a very long time, if you don't get the mix right, you'll have a leaky bucket because the content that drives acquisition doesn't necessarily drive retention and engagement. This is where you also need to be very focused on investing in content that drives that retention. That also plays to our strengths because what we have found is that that type of programming is typically library TV and movies, like a show like The Office or Brooklyn Nine-Nine. It's unscripted programming, it's news content, it's Telemundo, it's next day NBC. In a way, what we're doing is almost like we're managing a mutual fund. You're investing in different content that has different values, but you're trying to extract a return at a portfolio level. We're investing in content that drives acquisition, engagement, frequency. Some content might even be a loss leader, but it's adding value across the entire portfolio. I feel like when we look out to the next several years, we feel really good about the growth of Peacock through direct-to-consumer and through partnership. I think naturally what that does is it starts to shift your investment profile more towards content that drives engagement and retention. A good example of this is Bravo. Bravo is a fandom. If you watch Bravo, if you've ever gone to BravoCon, this is a- Lunatic ravenous, passionate is probably the word I would use. Okay. It's a passionate base of users. They watch on average 75 episodes a month. They typically have 33% lower churn than the average. When I was mentioning earlier about the originals, there is a corollary because shows like All Her Fault and The Five-Star Weekend, which went on to become our number one scripted show, it was the Bravo audience that drove that engagement. When we look out over the next few years, we're really focusing on how do we super serve our fandoms, which we've sized. How do we continue investing in building the reach of those fans, but also the engagement of those fans and that's where we think we're going to unlock more retention, more engagement, better monetization. You have super fandom there, obviously. Moving on to, you mentioned the YouTube relationship. We're seeing the relationship between media companies and large tech platforms continuing to evolve. As you move towards the whole industry, moves more towards rebundling, aggregation, can you talk about what drove the decision to partner with a platform like YouTube? I've been in media most of my career, both paid television as well as just the broader media business. I think if you've been in this industry long enough, you see trends. For me, I see a lot of similarity with the streaming market, with what I saw with paid television. It feels like back to the future. If you rewind the clock, go back 10 years, people were cutting the cord, and they were subscribing to streaming services with the belief that they were going to save money. You sign up for a streaming service, but then you quickly realize one streaming service is not going to give you the video calories because the average consumer watches five to six hours of media a day. You subscribe to three, four, or five streaming services. The cost of content has not gone down. It has only gone up. Sports rights have only gone up. It was inevitable that retail prices for streaming services would have to go up. That would likely move the market to bundling. The more you get, the better the price. I actually spoke about this back in 2019, before we even launched Peacock, where I said the great unbundling of paid television is likely just going to give rise to the great rebundling of streaming. I think we are in that moment right now. When we were building Peacock, we were very intentional because doing bundle deals is actually not very complicated. Doing bundling deals where you are getting the right wholesale economics is actually much more difficult because if you do not thread the needle right, then you could be cannibalizing high ARPU direct-to-consumer subs for what I would say are low-calorie bundled subs. We were not going to do that. We had spent years really focused on building what I would describe as a healthy base of subscribers on Peacock, taking maximum share of video wallet out of the market by really focusing on our direct-to-consumer business, and we are still focused on growing the direct-to-consumer business. We also wanted to give ourselves time to build our portfolio of content. The one thing that I feel always held the cable bundle together was sports. If you are trying to extract maximum wholesale economics through bundling, sports is typically one of the best levers for you to do that. 12 months ago, we hit an inflection point on our growth where we activated the second phase of our strategy, which was to start leaning more into strategic wholesale bundles, and we did a deal with Apple, we did a deal with Walmart. Right. We started leaning into channel arrangements primarily for the ad-free version of Peacock because it is only 20% of our subscriber base. What you are looking for is incrementality. How do I continue to drive incrementality in a way that also generates positive consumer lifetime value? I think the YouTube deal is just a manifestation of where we are in this phase of our growth. What was attractive about YouTube is that so much of our content is consumed on YouTube as clips. You have viewers that are familiar with our IP, whether it is SNL or whether it is Late Night, but they do not necessarily subscribe to Peacock. We saw YouTube as an opportunity to partner to grow the engagement, grow incremental subscribers. This is a way for us to, I think, continue to scale Peacock, but do it in a way that I think is going to be a win-win because YouTube is also a platform that is continuing to grow engagement. As I said earlier, we are continuing to focus on how do we grow engagement, and so partnering with YouTube, I think, is going to be a mechanism for how we can do that. There is a couple of pieces to the deal that are just worth unpacking at a very high level. The first is, this partnership is going to take Peacock Premium, which is the ad tier of Peacock, and it is bundling it with one of the tiers of YouTube Premium. That is going to add millions of subscribers to Peacock. This could make Peacock one of the top domestic streamers once we launch this with YouTube. The second piece of the deal was to extend the cable and broadcast linear portfolio with YouTube TV. This was critical to us because YouTube TV is the fastest-growing paid TV provider, and by extending the linear portfolio, we are providing stability into the future for the continued growth and health of NBC and Bravo and our cable networks. The third piece was to expand the relationship around advertising with YouTube, both on data as well as deeper integrations with FreeWheel. If we want to monetize our advertising inventory better, this was a critical piece, and we feel really good that the partnership with YouTube is going to allow us to monetize our advertising in a way that is consistent with how we have been going to market with Peacock and NBC to date. The fourth is that it provides us a path to continued growth internationally. We have a few smaller streaming services which we do not talk a lot about publicly. One of them is Hayu, which is predominantly the Bravo unscripted programming, which we distribute internationally as a subscription service. The other is a service called Universal+, which is predominantly in LATAM, and soon will be in parts of Asia, which is primarily comprised of library, Universal film, and TV. This partnership allows for bundling of those services with YouTube Premium internationally in select markets, which is going to give us another path for growth. We feel excited about this deal. We think YouTube is going to be a great partner, but at the same time, back to where I started. I think as an independent company, we are, I think, able to be more innovative in how we could structure deals. What we have done with YouTube, I think, is an example of the type of deals that we would like to do with others as we are looking at continued growth and opportunities into the future. There's so many aspects of this I'd love to dive deep, but we don't have the time. The Walmart relationship, there's just so much to unpack there, but thank you for that. Well, the thing that's critical about it, Jessica, is that the YouTube agreement doesn't change any of the deals we've done in the market. We're still doing bundle deals. We're still doing various wholesale arrangements. We still have channel arrangements. We're obviously still going to aggressively lean into direct-to-consumer. I think that's one of the elegant aspects of this relationship is that it allows us to build off of what we've done in a material way, but it also allows us to continue to evaluate and look for additional partnerships in the future as well. No, obviously, it's a massive scaling up of existing assets. You mentioned the international component, so maybe we can talk a little bit about Sky is now becoming part of the independent NBCUniversal. How do you think about the international opportunity? Sky has always felt like a little bit of a stepchild, like no attention, but where does it fit in the NBCU portfolio? I think Sky under Dana Strong, I think it represents a really big opportunity for the new NBCUniversal. It gives us more optionality. When you look at NBCUniversal, I think this is stating the obvious, but we are a global company. NBCUniversal distributes its films internationally. Our theme parks are global. We license our content in every major market around the world. We've got linear cable networks that we distribute globally. I just talked about some of our smaller streaming services with Hayu and Universal+. I think Sky becoming part of our portfolio just expands the aperture of opportunity. They have a strong brand. They have deep customer relationships. They've got local expertise. They've got production expertise in sports and news. There is a lot of similarities with NBCUniversal in the media group and what Sky is doing that I think is just going to allow us to be more opportunistic. What sometimes gets lost is that when you look at the relationship with Sky through the lens of technology and product, the tech stack that we have built for Peacock is the same tech stack and product that Sky uses for the distribution of their streaming service, NOW TV. It is the same tech stack that we have actually scaled in dozens of other countries around the world. When Sky does an acquisition with ITV, which we think is going to add significant scale and additional reach digitally for Sky, it also provides different opportunities when how we look at technology and how do we continue driving investment in technology, but get the economies of scale and the benefit. When you project out into the future, I feel like we are really well-positioned to continue to leverage the playbook that we have in the market. If we believe licensing is going to give us a better return, we are going to lean into licensing on a market-by-market basis. If we think there is opportunity to build streaming, then we are going to lean into doing that, just like I talked about with YouTube. If we see opportunities for partnership or acquisition, like Sky is doing with ITV, then we are going to lean into that. Maybe this is another example where we have zigged while others have zagged. Make no mistake about it, our focus is we are looking at this through the lens of getting the best return for our content, and I think we have been very disciplined. We feel good about how we have been able to monetize our content on an international level. A couple of areas we need to cover. Sports is one, and you have now had meaningful experience with the NBA on NBC and Peacock. Can you tell us what you have learned so far about the audience, advertising demand, subscriber engagement? Are the early results consistent with the assumption you made when you entered into the agreement? Start with that. Well, we are a year into the NBA partnership, and we could not be more excited and happy with the performance. We are pacing ahead of our internal model. The NBA has brought new audiences onto the platform, new advertisers onto the platform. It also filled a very strategic objective of ours, which is we wanted to build continuity for Sunday. We have NFL, NBA, MLB. We now have a premium lineup throughout the year, which is really critical as you are continuing to build audiences. I think that when you break down the performance of the NBA, if you look at the regular season, we were averaging about 2.8 million viewers. That is roughly double what the NBA was generating for comparable games prior season. The playoffs were over 7 million viewers. The Western Conference Finals were, across NBC and Peacock, the highest rated in two decades. I give a lot of credit to our sports team, Rick Cordella, Sam Flood, the team that I feel brought the premium-ness back for the NBA on NBC and for Peacock, and that has in turn brought dozens of advertisers onto the platform. 60% are buying across NBC and Peacock because they want that broader reach. We feel good about our ability to continue monetizing the deal. The other aspect of the NBA was the audience. The NBA has brought a younger, more diverse audience onto the platform. They are more mobile-centric. 25% are engaging with the product features that we have built for the NBA, which is critical for building that loyalty. About three-quarters of NBA viewers are watching entertainment. Actually, the majority of their consumption is entertainment content. When I was talking earlier about the interplay between sports to drive acquisition and monetization, and then entertainment driving retention and engagement, that flywheel is effectively what is happening with the NBA partnership. We feel good about the continued momentum and our ability to continue to get the right return from that partnership. Right. Obviously, sports is critical for you guys, but have to cover a couple of more topics. Advertising. Can you give us an update on what you are seeing in the advertising environment today? Where do you see the biggest opportunity for NBCUniversal to take share as viewing continues to move towards streaming and, as we have discussed, live programming? I would say that the advertising market is a bit more cautious this year than what we saw in the prior year, but that's really a result of just the macroeconomic environment that we're all navigating through. I think the team under Mark Marshall has done a fantastic job, and we're actually seeing growth in pharma, in financial services, in technology. The advertisers still want broad reach, and we don't sell as Peacock or as NBC or as cable, we sell as one platform, and we've been in the market that way for many years, and I think that just plays to our strengths. I think the other aspect that we're seeing in advertising is a real premium that's being put at the moment around live and sports. The Winter Olympics, the Milano Cortina Winter Olympics, was the highest grossing advertising Winter Olympics we've had in our history. This summer with the World Cup, we had about 120 sponsors that spent double what we saw in 2022. Sports and streaming was probably 30% of our advertising business pre-COVID. It's now 60% of our advertising business. You're going to see us continue to lean into sports and live events as the tip of the spear for where we continue to see growth. Another area is programmatic. That's a business that didn't exist for NBCUniversal five years ago. It's now $1 billion and growing. It's also allowing us to further expand the aperture of sponsors and longer tail sponsors that we can bring onto the platform. We're very bullish on that. I think the other area I would focus on is AI. How do we use AI to create more contextual and personalized advertising? Here would be an example. Imagine you're watching a show and there's a scene where a family is eating pizza for dinner. We can use AI to scan the content, look at the metadata, and then dynamically insert an ad coming into the break for Pizza Hut or for Domino's. Well, now you're blurring the lines between content and advertising in a way that feels very endemic. That, I think, is a better experience for the consumer, but that also could unlock future opportunities for how we can look at premiums around our inventory to drive additional monetization. Right. I just want one last question on advertising, a little deeper. You've increasingly partnered with third-party data, technology, and commerce companies to improve targeting, measurement, and advertising outcomes. How important are these partnerships to differentiate NBCU's advertising platform? What capabilities do you believe you need to keep to remain proprietary? When you look at advertisers today, they are much more sophisticated. They want independent measurement. They want to understand that the investments in their advertising are yielding the business outcomes. They want better control around their optimization of their campaigns. I think partnering with third- parties is critical. We partner with various companies like a VideoAmp or an iSpot. This gives us the ability to have additional analytics and data, which is incredibly valuable for our clients. At the same time, I do think that there are certain aspects that should be proprietary. Our Performance Insights Hub is our platform, so we take proprietary data, the tools that we have built on our Performance Insights Hub, and then we commingle that with the third-party data and insights that we are able to gather. Now we can provide that to our clients where they can make real-time optimizations to get the best return on their campaigns. I think you have to have a balance where the proprietary technology gives us much more control over the product roadmap and the tools, which could become differentiators for us versus others. The third-party relationships allow us to enhance the analytics and the performance to ensure that our clients are getting the maximum return on their investment with us. Okay, we have time for one last topic, which we have to ask the AI question. When you are thinking about the next five years, do you think of Peacock primarily as a streaming service or as something broader? What roles do areas like AI, personalization, which we really did not get into that much, but personalization, gaming, interactive experiences play into that evolution? We only have a few minutes left. I could spend hours talking to you about this, so I will try to be concise, but I am pretty passionate about that question, actually. I think that if you were to look four or five years into the future, I think we are going to say the definition of streaming is going to feel pretty antiquated. If you look at streaming services today, there is more similarity than differences in the experience. The content is organized in rows. You use artwork. It is not that different than Blockbuster a couple of decades ago, where people would walk around the perimeter of the store trying to find something to watch. I think there is a tremendous opportunity to reimagine the experience for streaming. How do you super serve fans? I think you look at evolving streaming into becoming more of an entertainment platform. Here is an example of what I mean. If you take a show like Love Island this summer, which was the number one show, as I mentioned, there were actually certain weeks of the year where the number one app in the App Store was not ChatGPT. It was the Love Island app. This show was a phenomenon. What would happen is six days a week, people would tune in to Peacock at 9:00 P.M. Eastern Time. They would watch Love Island, and at the end of an episode, we do what every streaming service does, which is we use an algorithm to say, Oh, well, you like this show. You might like that show. But what we found is that at the end of the episode, many of those fans didn't want to watch another show. They wanted to continue engaging with Love Island. So what happens? They leave our platform. They go to social media. They are looking for clips, for games, for podcasts, and that is engagement that we built, but we are not monetizing because we are not really providing that level of experience outside the premium-ness of the content. We have started to look at this several years ago around, well, what does it mean to be an entertainment platform? If you stick with Love Island as an example, you have 30% of the engagement of Love Island was on mobile devices. This is a demographic that is very comfortable with vertical video because they are using social media platforms with vertical video. So we built and introduced vertical video 18 months ago, so now you can watch clips in vertical video, live events in vertical video. We are even producing micro dramas for vertical video. We are not creating the behavior, we are tapping into the behavior, but we are moving that engagement back to our platform. Gaming is another area where obviously it is exploding because that is where people are spending more of their time, so we invested in gaming. So you could watch Wheel of Fortune and Jeopardy! on Peacock, or you could play the game on Peacock. We even partnered with Wolf Games to produce a game of Law & Order. You could watch Law & Order, or you can actually be the detective and try to solve the crime. We are actually introducing something later in the couple of months called the Bravoverse, where we are using AI to scan thousands and thousands of hours of Bravo library to then create personalized playlists based on the shows you like and the Bravo celebrities you like. Now you can get a new way to experience Bravo and go down the Bravo wormhole, but we can recreate versions of that for SNL, or we can create a version of that for The Office," other franchises that have deep catalogs and fandoms. You are starting to think differently about ways that you could drive engagement, where when you finish an episode, it is not the end, it is the beginning. Then we can introduce more ways for you to engage and give you more things that you love and continue to drive growth and monetization. There's so many things that you just said, the fandom of You have so many titles that have insane, well, intense, however you wanted to say. Passionate. Passionate fans. You have so many titles, and then micro drama is another area we didn't even remotely get into. There's just so much opportunity. Anyway, very exciting. Thank you so much for being with us today. Thank you. Really appreciate it. It's a pleasure. Thank you.