A decade ago, Disney CEO Bob Iger freaked out the media industry by acknowledging something many of us saw coming —  his previously unassailable TV business was starting to erode.

But even with a 10-year warning, today’s moguls seem unable to cope
with 2025’s reality: The pay TV business is permanently eroding, and there’s nothing in its place that’s likely to generate the same kind of revenue and profit.

But the people who run Big TV are trying to find answers, anyway. So I asked Lightshed analyst Rich Greenfield to talk through some of their moves. What will David and Larry Ellison do once they finally buy Paramount? What are the prospects for ESPN’s soon-to-launch streamer? What about Fox’s soon-to-launch streamer? Who’s going to buy all of these ailing cable TV networks that are coming on the market? And what kind of deals - if any - can get done in the Trump 2.0 era?

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