Discussion

Ryan “growth has slowed as HBO content was lighter in ’23 + Max is perhaps not marrying the legacy-Discovery content with the HBO fan base”. This was “perhaps” the most predictable mismatch of content and audience in the history of stupid corporate mergers. I think the catch-22 of the content licensing is interesting. They need the revenue it provides for their balance sheet but the more they license, the more they cannibalize their own service.