In early February, media giants Brian Roberts, John Malone, and Barry Diller gathered on Mr. Diller’s luxurious yacht, Arriva, off the coast of Jupiter, Fla., to discuss the troubled waters of the entertainment industry. These titans recognized the unsustainability of the money-losing streaming business and the declining cable model. The once-stable industry is now in turmoil, with companies like Paramount, Warner Bros. Discovery, and Disney facing significant challenges. Paramount struggles with leadership changes and failed sale attempts, while Warner Bros. Discovery grapples with massive debt. Disney laid off workers and ousted its CEO amidst mounting streaming losses. The industry's landscape is evolving rapidly, prompting intense discussions on the future of media and entertainment. As chaos reigns, these industry leaders must navigate uncharted waters to secure their businesses' future.