Steven, re MBA negotiations in 2026, who knows what the AMPTP will look like. There is a fundamental business difference between the eight primary members of the AMPTP. Maybe with streaming now offering ad options they will shift more to what the legacy studios have done for years and that will bring them more into alignment. What will the shrinkage of TV programming mean for the companies? What will happen with theatrical movies? What will happen with AI? So many variables. One good thing about the 2023 MBA is it sets a baseline from which the WGA can negotiate numbers upward (e.g., increased minimums, mandatory writing staffs, etc).

It does feel like from a union-company standpoint, this agreement brought us all back from a very precarious cliff. Where it goes from here ... who knows.