Prologue

Last week I spoke with a group of Hollywood executives and writers. (I’m trying TV for the sixth time .) They were concerned about the strikes — but more concerned that their stalwart, the House of the Mouse, has transformed into a distressed asset practically overnight. Disney stock is at a nine-year low. Subscriber losses continue to mount, with a 7.4% decline in Disney+ subscriptions in the most recent quarter. Operating profits from the cable assets have been halved, and the company’s operating margins are down 75%.