I think Hulu is problematic because of how its ownership structure is set up, you have these studios/content providers that are going to want the majority of pr

I think Hulu is problematic because of how its ownership structure is set up, you have these studios/content providers that are going to want the majority of profits. When we buy businesses, we are anticipating the future cash flows that are going to be generated by the business but here - it's very possible that content providers could strangle the cash flow that is available to shareholders in favor of their own pockets. I've seen this happen a few times in the past where a company has a handful of very large customers/clients that also own equity in the business. I looked a bit at this space and came out most positive about Liberty Starz (when it traded in the low $50s). They should benefit from a renegotiation with Netflix over streaming rates but they are also moving into original programming.