Zaz’s Law of Streaming

Photo: Drew Angerer/Getty Images
Julia Alexander
August 9, 2022

David Zaslav has been the C.E.O. of Warner Bros Discovery since April, a period in which the fortunes of the streaming economy, once beloved by Wall Street, appear to have been entirely recast. Netflix, which has seen its subscriber growth essentially flatten, has seen its market cap drop by nearly 70 percent. A year ago, my colleague Dylan Byers reported that Disney was considering spinning out ESPN as it hoped to model itself as more of a Netflix-style pure play. Now, however, the company is not only firmly holding onto its profitable but declining linear assets, but it also recently decided not to break the bank to renew its subs-juicing but low-revenue partnership with the Indian Premier League.