Only a week after conceding that its Direct-to-Consumer gamble had already devoured $1 billion in development of Disney+ and ramp up of ESPN+, Disney now admits that cutting Netflix from its catalogue will cost a further $150 million in lost revenues. This gamble is billed as a necessary risk to compete with Netflix but there are other formidable adversaries, notably Amazon, Google and WarnerMedia. The latter is its most direct competitor as the other Hollywood megalopoly, arising from AT&T’s $108.7 billion acquisition of Time Warner, finally confirmed in June 2018 after an antitrust lawsuit filed by the US Justice Department had failed to block the merger. But WarnerMedia’s strategy appears clearer cut. We are not alone in scratching our heads over where Disney is…