Just look at Philo’s primary backers: https://www.crunchbase.com/organization/philo/investors/investors_list#section-investors It’s Discovery/Scripps, A&E Networks, and Viacom pooling together for a direct to the consumer service. Part of the problem Netflix has is content - distribution platforms are rapidly becoming a commodity, so it’s coming down to more of a battle over content. The existing producers of content are taking note of the changing landscape and building their own exclusive distribution islands. Netflix must invest to keep producing their own content or they’re dead. If $15bn of debt is concerning, how do you feel about the $158bn in debt that ATT reported last quarter? (most indebted public company in the US right now) Money is cheap at current interest rates, but that’s a ton of debt.