In case you were wondering why Netflix was willing to pay $72 billion for most of Warner Bros. Discovery, co-C.E.O. Ted Sarandos offered great evidence today via the new Pay One deal to keep Sony movies on the service until 2032. It’s a global deal, the first one ever, meaning the Sony movies will come off Sky in the U.K. and HBO Max in Latin America, and it’s worth as much as $8 billion if the movies perform in theaters. (The arrangement essentially has two parts: a huge license fee for old Sony titles, and then added fees to get the new movies for 18 months in the U.S.—usually 12 months internationally—after their theatrical and home video windows. Those fees are determined by a rate card that values films based on how much box office they generate in the U.S., so the more Spider-Mans and Anyone But Yous, the more Sony makes from Netflix.)