a content-picker's market

Is it just me, or does Warner feel cursed as a company? Going all the way back to the AOL merger, there’s been a recurring pattern of misalignment. Buying content made sense in the pre- and post-COVID window, but I don’t think that logic holds in 2026. You don’t need to buy a portfolio of content — because at most, it’s a content-picker’s market(Batman). Paying up for assets just because they’re content accelerates into legacy acquisitions much faster than investors expect.