Without question, this is the most dynamic time in the media communication sector that I can remember in my 30 year career. If you had rolled the clock back five or six years ago, I think most people would've described these businesses as being relatively mature, very cashflow stable, very well consolidated.

They couldn't be any more different today with the advent of the total change in network designs and the re-architecting of the data communications infrastructure in the United States and globally, the advent of streaming content services, and the competition between historically internet media companies and traditional media companies but the stakes are really high, and the future's going to be very different than the past.

it's made companies and boards of directors much more open-minded to strategically transformational transactions. We're seeing boards and CEOs much more focused today on how they put their company in the best position for the next five or 10 years than for the next quarter. Most of the transactions that we've been involved in have been about scale, have been about better access to customers, lower costs, and more staying power.

One of the great things about our business is that we can execute at a fantastic level for clients, even in the difficult type of market environment that we're currently experiencing. And we had a unique opportunity earlier this year to really demonstrate that when we led the $30 billion, triple B minus financing for Discovery and Warner to complete the merger from AT&T spin-off of their WarnerMedia business.

As I look at the next five years, I really do think that the three major growth sectors at a high level are going to continue to be broadband and data infrastructure deployment.  And as the networks continue to improve, you'll be able to watch [video] anywhere all the time. It won't matter how much video throughput there is. And we may even be able to drive your car for you through Midtown Manhattan before it's all over.

If you look at the total dollars that are being spent to produce some of the most fantastic video and movie programming that we've ever had in our lifetime, I don't know if it's sustainable, but no one wants to be left behind right now

And I really do think that there will be increasing emphasis on location-based and shared types of entertainment. Streaming has sort of sucked all the oxygen out of the room for the last two years with COVID and everything else. But I really do think that people want to be back at the Ballpark, want to be back at the concert hall. And I think that the talent and the creative arts that we were so used to five years ago in this country, I think that's going to be back in a big way.