That was the big premise during the Terry Semel years. He was a high level executive with Warner Brothers for 25 years.

They had no idea what they were doing or what being a media company in the Internet age meant. They flailed about for a decade with confusing ideas of what their strategy and end goal was.

How did they go about pretending to be a media company for so many years, while watching others dominate streaming music and video? Incompetent leadership. How did they miss the numerous opportunities to acquire a real Internet media business like Netflix, for relatively cheap? They could have picked it up for most of 2007-2013 for $2b to $4b (early 2007 being when they launched their streaming service).