It's less hubris and more FOMO. The tech landscape is changing rapidly, execs (in many industries, not just entertainment) are increasingly disconnected with yo

It's less hubris and more FOMO. The tech landscape is changing rapidly, execs (in many industries, not just entertainment) are increasingly disconnected with young, diverse customer bases, and therefore nobody knows for sure what will become the next big thing. There's no downside for a CEO who invests in a failed new venture like Quibi. Very easy to explain away. All his peers did the same, it was an investment in the future, attempt to diversify, outside the box thinking, etc. There is MAJOR downside for NOT investing in a new idea that takes off like a rocket ship, that CEO will look like a fool and "the world passed him by" to investors, peers, employees, talent, etc. Think in terms of "reputation expected value" of the various CEOs and the multitude of major investors makes total sense.