That worked when they had huge cable TV revenue from affiliate fees and advertising.

With the decline in cable TV revenue they need a replacement that was supposed to be streaming but it takes 6 streaming customers to replace 1 cable TV customer.

The other way is to massively downsize to a third of their current size to copy Sony and just licence shows but that does have consequences like massive layoffs, reduced share price and less money to take chances on new shows and films unless they are owned by a company with diversified revenue streams.