Media companies have been hemorrhaging money like a patient bleeding out on the operating table ever since Covid and their ill-advised entry into streaming. They have more to lose. A couple of them have a nice infusion of cash following some summer movie blockbusters, but that will only give them a little more runway.
I don’t know off-hand where things stand with the most recent quarterly earnings, but I recall, for instance, WB Discovery lost $200M per week in the final quarter of 2022.