There was more than a bit of schadenfreude circulating on Wall Street this week over the fate of Candle Media, the Blackstone-backed entertainment company led by former Disney executives Kevin Mayer and Tom Staggs, which is expected to earn about 50 percent less than predicted in 2023, according to our friend Lucas Shaw at Bloomberg. Candle, you’ll recall, launched with billions of dollars in dry powder to scoop up promising content studios, which it did with abandon—paying exorbitant, top-of-the-market prices for stakes in Reese Witherspoon’s Hello Sunshine and Moonbug Entertainment, among others—right before the entire Hollywood ecosystem hit the rocks.