Legacy media facing structural collapse. $CMCSA $DIS $PARA heading into mass layoffs as Gen Z/Alpha viewership migrates permanently to YouTube and gaming ecosystems. Traditional content production models broken—audience retention metrics confirm younger demos don't engage with linear programming or theatrical releases at economic scale anymore. Revenue compression inevitable. Gaming and creator economy platforms now command larger attention share than Hollywood combined. This isn't cyclical, it's terminal for legacy distribution. Watch content libraries get fire-sold and production slates gutted. $DIS $SKYD $CMCSA all facing margin death spirals.