Yet Another Value Podcast

A tour through the media landscape with TSOH's Alex Morris

14 snips
Mar 10, 2026
Alex Morris, writer of The Science of Hitting and media-focused investor, breaks down the shifting streaming landscape. He covers Netflix’s failed Warner Bros bid and strategic aftermath. Conversation jumps to AI’s impact on IP, the messy economics of sports rights, and the challenges of integrating large media platforms.
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ADVICE

Double Down On Global And Product Experiments

  • Morris says Netflix must pursue IP or other tactics to bend share of screen time, focusing on global expansion and new formats like gaming and ad tiers.
  • He advises prioritizing international market moves and experiments to regain engagement rather than panic acquisitions.
INSIGHT

AI Raises IP Questions But Doesn't Nullify Premium Content

  • Alex sees AI as a tension: it can repurpose IP but doesn't automatically destroy the value of high-quality, culturally resonant shows.
  • He warns streamers must own or license content and structure deals anticipating AI-driven repurposing.
ANECDOTE

WarnerDiscovery Missed Its Own Projections

  • Morris reviews WarnerMedia/Discovery forecasts: the 2021 guide for 2023 revenue was $52bn but actual was ~15bn short versus that projection.
  • He uses the miss to show how cord-cutting accelerated and legacy revenue remained a huge part of proforma EBITDA.
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