A few hours before investor-producer Jeff Sagansky went off on the streaming business model at last week’s NATPE conference, I had a great conversation about the transformation of the content business with a few people in the middle of it all: Kevin Mayer, the former Disney executive who co-founded the Blackstone-backed Candle Media, which has bought all or part of Reese Witherspoon’s Hello Sunshine, CocoMelon studio Moonbug Entertainment, Will Smith’s Westbrook (ouch), and the ATTN media company, among others; Jessica Reif Ehrlich, the longtime media analyst and managing director at Bank of America Merrill Lynch; and Kevin Beggs, chairman of Lionsgate Television Group. We talked about what the Great Netflix Correction means for content producers, how Hollywood would hold up in a recession, and whether the age of bidding wars is over. They agreed to let me run excerpts below that have been edited for length and clarity.