Channels with Peter Kafka What the Disney–YouTube Battle Tells Us About the End of Cable
Nov 12, 2025
Alex Sherman, a CNBC media and sports reporter, delves into the ongoing Disney-YouTube dispute that has stretched far longer than usual. He analyzes the dynamics of negotiation, highlighting YouTube TV's rising leverage amidst its growth. Sherman also discusses potential buyers for Warner Bros. Discovery, including the Ellisons, and their strategy for acquiring premium assets. Moreover, he reviews how live sports rights shape the future of media and the tough survival path for traditional cable networks in the streaming era.
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Distribution Power Shift
- The Disney–YouTube TV blackout highlights a transition: growing digital distributors now rival legacy programmers for leverage.
- YouTube TV's rising scale forces renegotiation of MFN clauses and future deal structures.
MFNs Are Becoming A Flashpoint
- Most Favored Nation (MFN) clauses limit how differently programmers can price distributors.
- YouTube TV's growth pressures Disney to rethink MFNs since YouTube may become the dominant distributor.
Short-Term Leverage vs Long-Term Resilience
- In the short term Disney/ESPN hold leverage because customers react strongly to lost sports access.
- Long term Alphabet's balance sheet makes YouTube TV less vulnerable to subscriber losses.