Want one chart that explains most of Netflix’s recent moves? Here you go.

This tracks. I watch something on YouTube every day. Netflix is a dormant subscription for me. YouTube has very low costs of content creation. Netflix has $14B of debt that has financed their content library. Another lesson in the halls of mismatching assets and liabilities? Time will tell.

Skydance's Market Value Is Currently Less Than Half What Warner Bros. Discovery and Paramount Combined Were Worth variety.com/2026/film/news/s…

Colin Jost and "The Office" writer Danny Chun are launching a new, original comedy series produced outside the Hollywood studio system. “Danny and I just wanted to make a show we thought was funny and somehow those are the hardest shows to get made,” said Jost. “So we found a new, innovative way to do it outside of the normal studio system and we feel very lucky about how the cast and the crew came together. We’re excited for everyone to see it.” Titled "6 Bed 1 Bath," the sitcom follows a group of five roommates in their 20s who share an apartment with a man who has lived there since 1982 and continued to build new bedrooms every time his rent increased, per the logline. The series recently wrapped production in New York City and will premiere across free, ad-supported video-on-demand platforms, such as Tubi, Pluto TV and the Roku Channel. wp.me/pc8uak-1lHVGs

What once was the peak, is now just the beginning. Paramount and Warner Bros. shaped over a century of culture. By combining them, we aren't rewriting history — we're equipping these iconic studios with a more powerful engine. Together, we are Skydance: a creative-first home for bold, quality storytelling.

Paramount's financing of this Warner Bros deal is going to require a huge return, very quickly. - $9.5b senior debt (7yr term) - $30b senior debt (up to 40yr) - $12.4b 2L debt (10yr) - $47b equity New debt, all-in, looks like it'll cost +$4b/year in interest. That's around 30% of combined EBITDA of the two entities. Paramount has an incentive in the docs to get their BB rating back up, by bringing leverage down over the next 2-3 years. Or, in other words, bring EBITDA up - FAST. None of the new capital goes towards new IP. Here's the issue: - Servicing this debt means monetizing the IP. - Monetizing the IP means degrading their library at a faster rate - There's no simple line item for impairment on this type of asset. The brands just get fatigued over time. A The strategy will be to exploit everything in their library (e.g. Harry Potter, GoT, SpongeBob, etc.) up to the hilt. They'll repay it, I don't think that's the issue. But that IP library will be hollowed out completely before the end of this decade. Levered IP library with a lot of debt, with assets that monetize in a lumpy manner and that need constant re-investment to keep alive. Sick.

Paramount's financing of this Warner Bros deal is going to require a huge return, very quickly. - $9.5b senior debt (7yr term) - $30b senior debt (up to 40yr) - $12.4b 2L debt (10yr) - $47b equity New debt, all-in, looks like it'll cost +$4b/year in interest. That's around 30% of combined EBITDA of the two entities. Paramount has an incentive in the docs to get their BB rating back up, by bringing leverage down over the next 2-3 years. Or, in other words, bring EBITDA up - FAST. None of the new capital goes towards new IP. Here's the issue: - Servicing this debt means monetizing the IP. - Monetizing the IP means degrading their library at a faster rate - There's no simple line item for impairment on this type of asset. The brands just get fatigued over time. A The strategy will be to exploit everything in their library (e.g. Harry Potter, GoT, SpongeBob, etc.) up to the hilt. They'll repay it, I don't think that's the issue. But that IP library will be hollowed out completely before the end of this decade. Levered IP library with a lot of debt, with assets that monetize in a lumpy manner and that need constant re-investment to keep alive. Sick.

Lots of discussion out there about our next model(!), so I wanted to give an early look as soon as possible. Introducing Gemini 4 Argon! It shows frontier performance in complex workflows, cyber defense and software engineering. Teams are using it extensively at Google, from coding to quantum computing, great feedback. Here’s a look at the benchmarks:

FULL KEYNOTE: Last week, Cab was invited to headline at @solana Summit in Toronto, and talk all things @Claynosaurz, @HeebooOfficial, building with onchain collectibles & community. Here's the full recording of the session! Thanks for having us @SuperteamCAN! 03:52 From Game of Thrones animator to founder 06:11 Why Hollywood is broken 09:59 Launching 10k NFT collection on Solana 14:00 Social media as a test kitchen 19:41 Build the food truck before the restaurant 22:21 UGC and co-creation with fans 25:47 Why experiences / community are the real moat 29:03 TV show with digital booster packs 32:02 Build a city not just content 35:52 15% equity to early fans and HEEBOO overview 40:02 Entertainment is the great onboarder