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Quest Means Business
Paramount Launches Hostile Bid For Warner Bros. Discovery; Trump Announces $12 Billion Farm Aid Package At Roundtable; Georgia Studio Pivots to Content Creators Amid Slowdown; Kayak: Eastern Europe Dominates Top 10 Trending Destinations; Kayak CEO: A.I. Is Squeezing Our Business; Kayak: Searches For Summer 2026 Up Nine Percent; Atlanta's Mercedes-Benz Stadium Has Hosted Some Of The Biggest Events In The United States. Aired 4-4:45p ET
Aired December 08, 2025 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:15]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Closing bell now ringing on Wall Street. Sunoco ringing the closing bell, a down day on
the markets. It had been down throughout the whole of the session and we are off -- just off the lows of the day. Please bring trading to an end,
sir. Hit the gavel. One, two, three. Three very firm gavels on a down day on the markets. But those are indeed the markets, and what's been happening
in the financial world? Well, these are the main stories of the day.
A new twist in the Warner Bros. takeover story. Paramount has gone hostile, taking its offer straight to shareholders.
President Donald Trump unveils a $12 billion package to protect farmers from his own tariffs.
And Atlanta risks losing its position as the Hollywood of the South. I will be speaking to the chief executive of a major film studio about the stiff
competition from overseas.
Because tonight, we are live in Atlanta on Monday, December the 8th. I am Richard Quest and I mean business.
Good evening.
We begin tonight as investors rallying behind Paramount after its hostile bid to buy Warner Bros. Discovery, the parent, of course, of CNN. Look at
the numbers.
Paramount shares closed nearly eight percent, up nine percent now. But that raises much of Fridays losses when Warner Bros. entered exclusive talks
with Netflix.
The Paramount chief executive, David Ellison, is going directly to WBD shareholders with an all cash offer, $30.00 a share. He told CNBC that
Paramount's offer is better for Warner Bros. and indeed, the media industry.
(BEGIN VIDEO CLIP)
DAVID ELLISON, CEO, PARAMOUNT: When you put number one and number three together, you are handing Netflix unprecedented market power, which is
anticompetitive in every single measure, every single metric you can measure, and we think that is bad. Again, it is bad for the consumer, it is
bad for the creative community.
This deal, if it is allowed to move forward, will actually be the death of the theatrical movie business in Hollywood. We are sitting here today
trying to save it.
Netflix chief executive, Ted Sarandos says Paramount's hostile bid was entirely expected. Paramount has been eyeing all of Warner Bros. Discovery,
WBD, including its cable networks. Netflix only wants the T.V. and film studios, along with HBO and its streaming service, HBO Max.
Speaking earlier, President Trump questioned whether those assets might give Netflix a dominant position which is open to abuse.
(BEGIN VIDEO CLIP)
REPORTER: Talk about Netflix last night, saying you have concerns about them.
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: Yes, I know -- I know the companies very well. I know what they are doing, but I have to
see. I have to see what percentage of market they have.
We have to see the Netflix percentage of market, Paramount, the percentage of market. I mean, none of them are particularly great friends of mine. You
know, I just -- I want to -- I want to do what's right.
(END VIDEO CLIP)
QUEST: Brian Stelter is with me. It was expected at some point, but Paramount obviously thinks that their offer is superior on a cash basis.
But there is many more different aspects.
So how is this going to be decided, which shareholders are going to be paramount?
BRIAN STELTER, CNN CHIEF MEDIA ANALYST: What did they teach you on Wall Street? The cash is king, right? And Paramount is coming in offering all
cash. It is saying this is a more reliable, more predictable bid that will close sooner, that will have more regulatory certainty.
David Ellison has rolled out the P.R. campaign pretty perfectly today with an interview, with a press briefing call, also with a website, you know, a
stronger hollywood.com where people can go and read his campaign. But obviously Netflix and WBD have a signed deal.
The paperwork was signed last week. They are moving forward and we know there is a $5.8 billion breakup fee on top of this, so Netflix will be
paying billions, one of the biggest breakup fees in corporate history if somehow this doesn't go forward.
I suppose anything is possible, though, Richard, right? Paramount could continue to raise its offer. WBD could eventually choose to go a different
direction. Right now, we are in the great unknown.
QUEST: Right. This will be decided by shareholders, and in just a moment or two, I am going to go through the various philosophies for it. But I've
been very struck over the weekend by the P.R. campaign against Netflix because of the theatrical and I do wonder -- theatrical release -- looking
back at Ted Sarandos' comments, he could have been a little bit more engaging about theatrical release, bearing in mind he will be owning a
studio.
[16:06:16]
STELTER: On the theatrical -- yes, look, Netflix is very clear, right? It believes you should be able to watch anywhere, any time. And usually that
means at home, on your couch or on your phone. Netflix says it is not actually the enemy of movie theaters. It is just pro-consumer, pro-viewer.
But he did say on Friday, we are going to continue to try to shrink the windows, giving movies fewer days in theaters so that people can stream
them sooner. Yes, he was clear about that. Those are one of the -- I would say there are two big arguments Ellison is making now trying to appeal to
Hollywood. One is that Netflix will hurt theaters and Paramount will help theaters. And number two, that Paramount just understands and cares more
about Hollywood, it will keep more people doing what they love.
But Sarandos pushed back on that this afternoon and said Paramount will actually cost Hollywood more jobs. So both of these companies now doing a
tug of war, trying to appeal to shareholders, but also trying to appeal to the Hollywood creative community and of course, both trying to appeal to
President Trump, both trying to appeal to the Trump administration, and it seems to me Trump is trying to be the kingmaker here.
He likes the idea that there is a bidding war going on. He likes the idea that both Paramount and Netflix are trying to appeal to him.
QUEST: Brian, I am grateful. Brian Stelter in New York.
Paramount is arguing that the directors of WBD, our parent company, went with a weaker offer. Now, the weaker offer bit is significant because the
argument is based on the legal precedent of Revlon versus MacAndrews and Forbes. It is a 1986 case, a landmark ruling on hostile takeovers and what
it actually says. This is the core bit of that ruling.
It says when a sale of the company becomes inevitable, which some would suggest it is now, the duty of the board changes from preservation of the
corporate identity, in other words, WBD, to maximization of the company's value of a sale for the stockholders' benefit. That's the bit that WBD
board will have been considering. What is in the stockholders best interest? It is Revlon case.
However, if only life were that simple, because when you compare, as Brian was just telling us, the offers from Paramount and Netflix, its looking
like apples and oranges.
Remember Paramount has offered some $30.00 for the whole company, right? Netflix has offered $27.75 for the streaming and studio side. In other
words, how does -- turn that off -- how do you value these two things compared one to the other? It is unclear what it is worth on their own. It
is classically apples and oranges, and these are the people who will really have the main say, the decisions in the hands of the WBD shareholders,
large institutions like Vanguard, BlackRock, Geode Capital and more.
Domenic Romano is the founder and managing partner at Romano Law and joins me now.
Coming back to this idea of apples and oranges, valuing two different offers for different parts of the company. That's going to be quite
difficult as to which is in the best interest of shareholders.
DOMENIC ROMANO, FOUNDER AND MANAGING PARTNER, ROMANO LAW: It is. And, you know, the Warner Bros. board has a difficult decision to make here. They
can't just swipe left on the Paramount offer. This is Corporate Law 101. If the board says no, you take the offer straight to the shareholders by
offering more cash.
The market loves certainty. It is very easy to value the all-cash bid by Paramount for the whole thing. What's more difficult, you're right, to
value is a portion of the company that's going to be spun off separately in the other -- in the competing Netflix bid.
QUEST: If you take the definition from Revlon of the, you know, the most value for the shareholders, which is the guiding light in a sense, in all
of this. How far can WBD say longer term, the better interests are higher with the Netflix than this cash now wait later?
ROMANO: Yes, that's going to be hard to prove because markets change and conditions change. The board's job isn't loyalty here. It is getting the
best price and Paramount is not knocking politely. They are invoking that Revlon rule book by going directly to the owners, the shareholders with an
attractive all cash offer.
[16:10:03]
QUEST: So we looked a moment ago at the number of shareholders. And yes, there are some that are quite large, Vanguard, BlackRock and the classic
institutional shareholding. There is a couple of individuals who have got one, two, three. One has got six percent.
In these scenarios, what tends to happen? How much -- what percentage? I mean in strict theory you need 51 percent, yes. But in reality.
ROMANO: The percentage -- the board. Yes.
QUEST: Go ahead.
ROMANO: No. Good question. But the board has a fiduciary duty here. The board has a fiduciary duty to go with the deal that will create the
greatest shareholder value. And also, there are major antitrust regulatory implications here.
So the likelihood of the deal going through is another open question. This is an antitrust stress test, if you will, for modern media consolidation.
QUEST: But back to this earlier point, I just want to -- I just want to focus in on this. If the board has the fiduciary relationship for the best
value, then we are in a scenario. Let's say they the board stays, decides, no, we are going to stick to Netflix, but then Paramount wants to go
straight to the shareholders and put it to the shareholder vote.
How does that work its way through?
ROMANO: Well, the board would have to make a clear and convincing argument that the lower bid or the on the face -- lower part of the company is worth
more than the Paramount bid for the entire company.
QUEST: Sir, you're obviously talking about my company here, my job, but never mind that. I guess over the next few weeks, you'll help us understand
the various tribulations -- the trials and tribulations as we work our way through it. So consider yourself -- you've got a job, sir, with us. Thank
you. Very grateful.
Now, President Trump says he plans to sign an executive order to block A.I. regulations at the state level. Mr. Trump confirmed the decision via a post
on Truth Social, saying the order is intended to preserve the country's advantage in A.I.
Now, the critics on both sides of the aisle are arguing that deregulation could allow A.I. companies to avoid accountability if their tools cause
harm to consumers.
Lisa Eadicicco is with me. Lisa, there is a certain logic in this in that it is cross state lines, it is federal, it is FTC. There is a logic to
having a national policy rather than the piecemeal, if all the states decide to get involved.
LISA EADICICCO, CNN BUSINESS TECH EDITOR: Right. So I think the challenge here and the concern here isn't so much whether the regulation happens at
the federal or the state level, but the concern that there might not be a big push for regulation in general if it is blocked at the state level,
because there really isn't much regulation right now around A.I. and I think, there are a couple of reasons for that.
I think one, the technology just moves so fast and changes so quickly that it is hard to develop regulation for it, but also, it can be difficult to
kind of predict how people are going to use A.I. and the kinds of risks that you're going to have to look out for.
For example, I think this year was really -- while it is not the first time that it kind of came to light that people have been using A.I. as a sort of
companion and for you know, as a sort of relationship type of thing. But I do think that social use of A.I. really wasn't something that people were
looking at a ton or very closely before 2025.
And this year you have a string of reports around how A.I. can be harmful for our mental health. So I think that's part of the challenge. But yes,
there is the argument that you know, fewer rules and fewer roadblocks can make it easier for companies to grow faster. But at the same time, there
are a lot of safety concerns about not regulating enough.
QUEST: So where is it going to fall down? I mean, it tends to be, if the federal government wants something, the federal government gets what it
wants. And there is a sort of logic to this, bearing in mind it is that the whole country. You don't want a piecemeal approach on something as
significant as that.
EADICICCO: Well, I think, and it is hard to know until we know exactly what is going to happen and what the Executive Order looks like, but what I have
been kind of seeing throughout the year from how President Trump has been approaching A.I., is that it is really about kind of pushing the technology
forward and establishing the United States as a leader, and in order to do that, what some of the tech executives have been saying this year is that
you need to make sure the technology that the United States makes is available around the world. So I think that's kind of the genesis of this.
That said, there is some regulation like the Take It Down Act, for example. So it is not that this isn't happening at all, and some of the risky areas
are being looked at, but I think this just brings up the critical question and the challenge of how do you regulate enough to protect people while
still moving quickly at the same time?
QUEST: I am grateful. Thank you very much indeed.
QUEST MEANS BUSINESS tonight from Techwood in Atlanta. How our film studio here in Atlanta is counteracting a slowdown in the local movie production
industry. The president and CEO of Trilith Studios, Frank Patterson, is with me after the break.
QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
[16:17:55]
QUEST: President Trump announced a $12 billion farm aid package today as he held a round with U.S. farmers. The farm industry is facing significant
challenges over the President's trade policies. The White House says most of the aid. $11 billion will go to crops, farmers through one time payments
in the Farmers Bridge Assistance Program.
Kevin is with me. Kevin at The White House. That's good. Kevin at The White House.
Look, Kevin, how much of all of this is putting right the misery from his own tax and sort of tariff policy?
KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Yes, it does seem as if this bailout and you can call it that, I think is at least a tacit
acknowledgment that the President's tariff policy has its limits and convincing some of these foreign countries to make more purchases of
American products. And certainly the President had hoped that the tariffs would act as leverage to decrease the American trade deficit, but I think
in committing to this $11 billion fund for these farmers, the President seems to be acknowledging that the tariff war and the trade war is having
some fallout effect among American farmers who are some of his biggest supporters and who the President certainly feels are committed to helping,
in part because they were so supportive of him during his presidential campaigns.
Now, in a lot of ways, the pressures on the American farming sector go well beyond just the President's tariff war. You've seen rising costs on things
like fertilizer and seeds, and the President talked about that in the Cabinet room today, blaming all of that on the Biden administration. And I
think when you talk to farmers, what you'll hear them say is that they don't necessarily want aid. They want more trade.
They want their products to be able to turn a profit, and they are really regarding this payment as essentially a down payment. And some of these
other sort of factors that are applying pressures on them aren't resolved, then this will have to sort of continue down the line. And so I think what
you heard from them today was certainly gratefulness for the President for putting this into place, but also some real need for further reforms.
[16:20:07]
QUEST: How much of it is a long-term strategy?
I mean, you can buy off the farmers, if you will, once or twice, but longer term, the ability to actually have a strategy, particularly on things like
soybeans, where of course, you've not only got the south in Argentina and Brazil, you've also got Asia as well.
LIPTAK: Yes. I mean, I think when you listen to the President today, it was very much a short term fix. He didn't --
QUEST: Right.
LIPTAK: He didn't really talk about larger sectoral reforms. He did talk about the need to ease up regulations on things like equipment and he
talked about his own purchases of things like lawn mowers at his golf courses. This always sort of ties back to the President's own personal
experiences.
But, you know, this isn't the first time that the President has had to bail out farmers even back into his first term when he negotiated that trade
deal with China, they reneged on some of their commitments to buy American agricultural products, and he had to bail them out to the tune of $20
billion.
And so you see how the President has had to do this consistently over the course of his two terms in office. There was nothing to sort of suggest
that the President has a longer term strategy in place beyond just these sort of repeated bailouts.
QUEST: Kevin at The White House, I am grateful. Thank you.
We are here in Atlanta, in Georgia and delighted to be at Techwood being with you tonight.
Now, Atlanta in Georgia, the state has built an entire reputation as the Hollywood of the South. It didn't happen overnight. Many years of serious
investment into studios, facilities, training, all of these sort of things got it to where it is today.
Now, competition from overseas is contributing to a production slowdown. And add in President Trump's threat to put a tariff on foreign made movies
hasn't helped much either.
One Georgia studio, Trilith, is taking this opportunity to pivot to content creators. It is planning to dedicate 35 percent of its facilities to
digital entrepreneurs who can make use of their studios.
Frank is with me. Frank Patterson, CEO of Trilith Studios. Good to see you.
FRANK PATTERSON, CEO, TRILITH STUDIOS: Thank you, Richard. Thanks for bringing me on the show.
QUEST: So look, you spend a lot of time building the thing up.
PATTERSON: That's right.
QUEST: To the point where it is sizable behind Hollywood and in some measures even greater in terms of production techniques. And what happens?
It starts to fall apart?
PATTERSON: No, our industry is changing. Right? So part of the core business that we are most known for as a state are these big feature films,
right, and the big premium projects and that is still an important part of the business. But as you know, there are many different kinds of content
creators now emerging, creating, you know, a real interest by consumers to consume content, story content that we just haven't seen before.
Interesting, cool new creators like, you know, Mr. Beast, for example, or Dhar Mann and they are finding their way into the kind of what we would
think of as traditional content, you know, television shows and feature films and we think that is where it is growing.
QUEST: Right, so I've been fascinated by some of these apps which have short films over multiple --
PATTERSON: That's right.
QUEST: There is one particular one that somehow got wormed its way into my phone, and, you know, there are five -- there are ten episodes over two
minutes each or whatever.
PATTERSON: Right. You're probably talking about Vertical Dramas, which is its --
QUEST: That's a new word.
PATTERSON: Yes. So you don't hold your phone this way, you hold it this way, so it is vertical. And this really came from China.
QUEST: Yes, it did.
PATTERSON: That's right and this incredible growth where something like 46 percent of Chinese people are consuming these vertical dramas every day,
and it has found its way over here and its taking off. Take an app like Real Shorts, that was just three years ago, a startup, and made $1 billion
in revenue last year.
QUEST: Okay, but these people can't afford to -- the production costs of major studios.
PATTERSON: That's right.
QUEST: So what --
PATTERSON: These people are the incubator for the next great content creators, right? These are tomorrow's James Gunn, right, if you think of
James Gunn, the writer and director of "Superman," for example. Right? These great big epic stories.
Premium content isn't going anywhere, right? Consumers will always consume premium content. The kind of layered access they have to all this different
kinds of content is the place that is really incubating tomorrow's storytellers. So we find that exciting, and that's why we are focusing on
that group.
QUEST: But here in Atlanta -- or Georgia -- the large production base, the talent pool that is now here, has it reached insurmountable levels in a
sense that it is unassailable? It is so big. It is so significant. Yes, it may weigh whatever, but actually it is not going away.
PATTERSON: It is not going away. I mean, Georgia is a global player in the entertainment business, by the way, for a long time, right? I don't need to
tell you when President Carter, then Governor Carter in 1972 launched this idea of having the first film office outside of Hollywood, and then from
that period to 2000, I think we did 550 films. Not to mention, by the way, Mr. Turner thought 24-hour news might be a good thing, and here we are
sitting in CNN.
[16:25:12]
Mr. Perry decided he didn't need Hollywood and created his own first independent, but then major production company, and he is one of the most
prolific creators in the world right now.
So Atlanta is here to stay.
QUEST: We are obviously in the midst of our own mega turnover, Warner Bros. Discovery and -- does something like Atlanta, do you -- this is a -- you
can plead the fifth if you want. I will let you plead the fifth. I haven't given you notice of this, but does the industry here, do you really bother
who it is in a sense, since Netflix or the streamers are spending fortunes on production in big studios.
PATTERSON: That's right.
QUEST: Massive budgets.
PATTERSON: That's right.
QUEST: Versus whether or not it is a legacy film company. Does it matter if the studio is being used to make drama of a large scale? What does it
matter from your point of view and from the industry's point of view who it is that's making it?
PATTERSON: In a way, you're right. On one hand, you know, we have all these incredible studio facilities at Trilith and I love supporting James Gunn
and Dwayne Johnson and everybody else that shoots there. That's awesome. But I also have to think about -- I've been in this industry for more than
-- you and I are the same age.
I've been around a while and I have --
QUEST: You're doing better than me. Carry on!
PATTERSON: I have to think about the next generation of makers. There is a pipeline of talent here that we have to cultivate and focus on, and Atlanta
has been an incredible resource for talent. So I am thinking about that while I am supporting the top filmmakers in the world.
QUEST: Right. But what I am saying is if Amazon or Apple is making essentially a movie or a series -- a major series, does it matter?
PATTERSON: No.
QUEST: They're renting your studios anyway. They're bringing -- they're giving you the business. And so what I am trying to get at is this business
that Hollywood is up in arms at this deal with Netflix because it says theatrical release, but from a resource and facilities point of view, does
it matter.
PATTERSON: In a way, it doesn't. Listen, the consumer doesn't care. Right?
QUEST: Yes.
PATTERSON: The consumer is going to consume in all of these areas.
QUEST: Yes.
PATTERSON: You know, the number one group that wants to see the movie in the theater now, according to the national research group study two months
ago? It is those people born 2010 after. In other words, Gen Alpha wants to most see a movie in the theater. What does that mean? Because I thought
theaters were dying?
Ted Sarandos has this thing about -- that he said about theaters, by the way, I think Netflix is certainly in the theater business, and going
forward, that's not going to change. Consumers want to consume at all of these levels. They want to be on their mobile. They want to be on their
T.V. They want to be in the theaters, and we are meeting all of those demands, so in a way, it doesn't matter.
QUEST: That's fascinating, I guess. How many productions have you got going at the moment? I mean, all over?
PATTERSON: Oh my gosh. In the United States?
QUEST: You know, I mean --
PATTERSON: We have three on the lot right now.
QUEST: Three on the lot.
PATTERSON: Yes, yes.
QUEST: You still get excited by it all?
PATTERSON: Oh my gosh, I love storytelling. I love the making of movies and we absolutely love it. I mean, that's what -- we set the stage to enrich
the lives of the story makers who inspire the world. We do that every day.
QUEST: Okay. Next time we are here, I am going to solicit an invitation to come for QUEST MEANS BUSINESS.
PATTERSON: You're always welcome. Please come.
QUEST: I am grateful to you, sir. Thank you very much indeed.
PATTERSON: All right.
QUEST: As QUEST MEANS BUSINESS CONTINUES, the holiday travel season is upon us. Kayak's chief exec. There he is. So, what are you expecting for 2026?
And we will also talk about where are the hot places to go.
QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
[16:31:55]
QUEST: One of the oddities of the winter season at the height of the cold is that people start looking next year where they are going to go. And
Kayak says passengers are already looking ahead to next year.
The travel site says searches for summer flights are up nine percent compared to last year. People are looking to find new destinations.
Christchurch in New Zealand is up almost 200 percent over last year. Eastern Europe dominates the list. Searches for Prague up 180 percent.
Sofia in Bulgaria, 136 percent.
Steve Hafner is the chief executive of Kayak, with me now. What's dry -- what's driving this other than just a wish to get away?
STEVE HAFNER, CHIEF EXECUTIVE OFFICER, KAYAK: Yes. Hi, Richard. Great to be on. You know, I think Americans the last few years have hit all the normal
spots, you know, the big European capitals, and I think they're getting a lot more travel inspiration for far off places from sources like TikTok.
So, you know, I think these off beaten -- off the beaten track, particularly in Eastern Europe, where seven of our top 10 training
destinations are really inspire people to go see them, because they haven't been there. Prices are really good, and they are world class cities. You
know, I presume you've been to Prague and Krakow, some of these other places. They are well worth to visit.
QUEST: They are. They can also get very busy, even Budapest. And I would say that, you know, looking to travel shoulder either spring or autumn is
far better than mid and --
And do you see that trend? I mean, the industry says, extend the schedule, extend the season. Are people doing it?
HAFNER: Yes, they are doing it a little bit. I mean, yes, you do want to smear the demand, so, it's not such a tourism is not such a burden for so
many of these places. And I think people who do travel there will get a much better experience when you're not in crowds of you know, especially
like Bellagio in Italy, if you're there in the summer, it's actually a kind of a miserable place to be, to tell you the truth.
And I think the travel sites are responding as well. You know, we're finding the cities are scheduling events in the shoulder season to try to
smear that demand out.
QUEST: Right.
HAFNER: And people with search tools on Kayak and other sites, you can actually search month-long dates now to find a better price and a less
crowded time to go.
QUEST: A.I. is the number one sort of growth area for everybody. My husband and I, we used A.I. to completely book our summer holiday. And it did a
really good job. I mean, with -- it's all about the prompt and what you then say afterwards.
So, how are you finding the integration of A.I. into kayak? Where is the -- where is the threshold, if you will?
HAFNER: You know, I've been in this business for 25 years, and up until now, every travel site kind of looked the same. You had a, you know, where
do you want to go and what dates you want to travel on? And then we don't go out and try to get you accurate responses or answers. Natural language,
search and A.I. has totally change the game for us.
[16:35:02]
You know, we have A.I. mode at Kayak. You can go in there and search like you would speak, and we are powered in the back end by ChatGPT. We add on
some kayak pixie dust, on terms of live prices and availability, and it's just a magical experience.
So, I'm very eager, and I believe that there is going to be a lot of cross pollination, and, you know, some symbiotic behavior between the LLMs, the
large language models in the traditional travel sites that will make the travel planning experience way, way better than it's been.
QUEST: Right. But here is, I think it's going to get tricky, because you obviously want to keep people to a certain extent, but also large extent,
in the Kayak walled garden, in a sense. You want to keep people within your entity. And, but at the same time, be agnostic on -- in terms of you know,
what people want to do and where they want to do it. And that's a challenge these days.
Getting away from the traditional Google search, we gave too much -- too much. You could never sift it to the LLMs search, which is very targeted.
HAFNER: Yes. So, I think it's a -- it's a blend. I mean, I will -- I will quibble your characterization in Kayak. We are just a search site, so, we
have always shown you, consumers all their options and choice on where they actually book. You know, we don't keep you within the Kayak walled garden.
We're actually very much a hub and spoke system. So, that was not fair.
But, you know, I will say we were very adept at taking consumer travel interest and turning that into a transaction. And the way we get that is,
we, or do that was, we give the consumers' confidence that they have seen all their options. We give them very rich sorting and filtering tools so
they pick the right trip for them, and then, we give them choice on where to book. And then, we hand them off.
But I think the part that A.I. is going to really help Kayak is we can get -- we don't have to show them 2,000 results now for a query.
QUEST: Yes.
HAFNER: We can show them the 10 that we think are best for them. We can explain to them why those are the best 10.
(CROSSTALK)
QUEST: I think --
HAFNER: They can follow up with, you know, more prompts. And then, when they are ready to book, we can actually help them book without leaving
Kayak.
QUEST: You see, now, I think exactly what you've just said. I think that we are moving to an era. In the old days, we went on holiday with one book,
whether it was a lonely planet, a Frommer's, a photos, you didn't go away with an entire library.
And I think that the search era took us through the library era where it was just too much. Now, we are heading back to that curated search like a
travel book that helps sift out. Do you agree?
HAFNER: I hope you are right. I mean, I think there is -- there is a nuance there, right?
QUEST: Yes.
HAFNER: Because a lot of times, people will tell us that they want non-stop flights on Kayak, but if we show them a one stop flight that's $50 cheaper,
they will book it. So, I think the balancing act is taking what people tell you what they want and actually answering that question, but then, showing
them a little bit more context around that decision.
You know, there -- it may well be that the hotel.
QUEST: Right.
HAFNER: They got their heart set on is not the appropriate one for them.
QUEST: Listen, when you have finally got in your search selection, no babies within five seats of me, then, we will have truly arrived at the
future as whereas life as we said.
Have a wonderful holiday season, sir, and a good holiday, and I'm grateful for your time.
HAFNER: You too, Richard. Take care.
QUEST: Thank you very much indeed.
Now, World Cup match schedule is in Atlanta is set to be one of the busiest of the 16 cities hosting the tournament. It's at the Mercedes-Benz Stadium
here, which seats 75,000 people.
Eight matches will be played there, including one semifinal. And the tournament is expected to be a huge benefit to Atlanta.
Coy Wire is with me. So, eight matches.
COY WIRE, CNN SPORTS ANCHOR: Eight matches is huge.
Now, you say you didn't want a baby sitting next to you, and I'm sorry. But you're stuck with me for this segment. Good to see you, Richard, right here
in Atlanta.
QUEST: Exactly. So, how significant is Atlanta?
WIRE: Incredible. It's significant. First of all, you mentioned those eight matches that will be held right down the road at Mercedes-Benz Stadium,
only Arlington will have more matches. So, this is a really big deal for the city of Atlanta and Mercedes-Benz Stadium.
The mayor, Andre Dickens says that they estimate $500 million of economic impact coming to this city, 300,000 estimated visitors from out of state
and out of country descending upon the city. And there is the long-term economic benefits as well. They said up to $1.5 billion, when you think
about all the infrastructure, the hundred plus million dollars and transit systems, the 10s of millions of dollars that the State of Georgia put into
all the security and others sort of --
QUEST: So, they know how to do it here. I mean, let -- you know, the Olympics. I remember the Olympics, obviously, and they were very well
organized. They ran -- it's a long time ago, by the way.
WIRE: '96.
QUEST: You don't remember them.
WIRE: Let's see. I was maybe a baby at that time. Yes. Well, yes.
QUEST: I covered them.
Yes, but the point is that this is a very sophisticated city.
[16:40:02]
When it comes to actually dealing with these large events, they know what they are doing here.
WIRE: Have held the Olympics back in '96 more recently, Super Bowls, college football playoff, and national championship games, which are huge.
So, they are certainly prepared, but this will be the biggest moment since those '96 Olympics for the city.
And it's going to be a great moment for the players who are coming here to this may be the coolest stadium that they have ever played in.
QUEST: Why?
WIRE: It's air conditioning. There is a retractable roof. So, if it's storming outside, the games will still go on. That's a huge benefit.
QUEST: Now, are they allowed to do that?
WIRE: Yes.
QUEST: Now, are under FIFA rules, if they -- if there is a storm or not?
WIRE: That's a good question. You know, that's up. One of the things that maybe we will have to see, because if it's lightning and the game match
couldn't go on, do they want to keep these players on schedule? Right? So, that is a good question to bring up.
The other thing they have is the turf. A lot of the international players don't like the artificial turf like the NFL teams have. Well, they are
going to tear all that artificial turf?
QUEST: Yes, yes.
WIRE: They've been researching it for years, Richard.
QUEST: Yes!
WIRE: They have been researching this grass for years off site. And so, they are going to bring in this grass. Players will be having real grass.
(CROSSTALK)
QUEST: Real grass.
WIRE: Players will be happy.
QUEST: Now, is there any chance that they -- they will keep the real grass for the other sports afterwards?
WIRE: Well, there is a chance that they will donate it. I am told, from some of the folks at the --
(CROSSTALK)
QUEST: But the NFL is not going to play on real grass.
WIRE: The NFL, no. I think the players would let -- would love that. Absolutely they had love that. One thing the fans are going to love.
(CROSSTALK)
QUEST: Yes.
WIRE: Are now, being in this Mercedes-Benz Stadium here in Atlanta. $2 hotdogs, Richard. $2 hotdogs. And, you know, when you go to a sporting
event, those things can be $15, $20. These $2 hotdogs, $2 popcorn, $2 limitless soda fountain drinks, you mean, you can spend $20 and feed a
family of four. Bring out your money now.
QUEST: There you are. 10 bucks.
WIRE: Yes, thank you very much. I'll buy you a hotdog. Bring the change for you.
QUEST: Well, listen --
Can you promise me? Now, watch my lips.
WIRE: Yes.
QUEST: And follow on with me.
WIRE: OK.
QUEST: There are eight football matches being played in Atlanta.
WIRE: Yes.
QUEST: Football.
WIRE: Yes, and that's a lot of hotdogs that are going to be sold.
QUEST: Not soccer.
WIRE: The real football, he says.
QUEST: Yes, yes.
WIRE: I'm following you.
QUEST: Good to see you.
WIRE: Good to see you too.
QUEST: Thank you very much.
WIRE: All right.
QUEST: I'll have you saying football if it kills me.
All right. And that is our program tonight. I'm QUEST MEANS BUSINESS in Atlanta. Whenever you're up to in the hours ahead, I hope it's profitable.
Coming up next, we are "CONNECTING AFRICA", because the news never stops.
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(CONNECTING AFRICA)
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