Even today Boeing is run by a Welch disciple. Dave Calhoun, the current C.E.O., was a dark horse candidate to succeed Mr. Welch in 2001, and he was on the Boeing board during the rollout of the Max and the botched response to the crashes.

When Mr. Calhoun took over the company in 2020, he set up his office not in Seattle (Boeing’s spiritual home) or Chicago (its official headquarters), but outside St. Louis at the Boeing Leadership Center, an internal training center explicitly built in the image of Crotonville. He said he hoped to channel Mr. Welch, whom he called his “forever mentor.”

The “Manager of the Century” was unbowed in retirement, barreling through the twilight of his life with the same bombast that defined his tenure as C.E.O.

He refashioned himself as a management guru and created a $50,000 online M.B.A. in an effort to instill his tough-nosed tactics in a new generation of business leaders. (The school boasts that “more than two out of three students receive a raise or promotion while enrolled.”) He cheered on the political rise of Mr. Trump, then advised him when he won the White House.

In his waning days, Mr. Welch emerged as a trafficker of conspiracy theories. He called climate change “mass neurosis” and “the attack on capitalism that socialism couldn’t bring.” He called for President Trump to appoint Rudy Giuliani attorney general and investigate his political enemies.

The most telling example of Mr. Welch’s foray into political commentary, and the beliefs it revealed, came in 2012. That’s when he took to Twitter and accused the Obama administration of fabricating the monthly jobs report numbers for political gain. The accusation was rich with irony. After decades during which G.E. massaged its own earnings reports, Mr. Welch was effectively accusing the White House of doing the same thing.

While Mr. Welch’s claim was baseless, conservative pundits picked up on the conspiracy theory and amplified it on cable news and Twitter. Even Mr. Trump, then merely a reality television star, joined the chorus, calling Mr. Welch’s bogus accusation “100 percent correct” and accusing the Obama administration of “monkeying around” with the numbers. It was one of the first lies to go viral on social media, and it had come from one of the most revered figures in the history of business.

When Mr. Welch died, few of his eulogists paused to consider the entirety of his legacy. They didn’t dwell on the downsizing, the manipulated earnings, the Twitter antics.

And there was no consideration of the ways in which the economy had been shaped by Mr. Welch over the previous 40 years, creating a world where manufacturing jobs have evaporated as C.E.O. pay soars, where buybacks and dividends are plentiful as corporate tax rates plunge.

By glossing over this reality, his allies helped perpetuate the myth of his sainthood, adding their own spin on one of the most enduring bits of disinformation of all: the notion that Jack Welch was the greatest C.E.O. of all time.

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CNN+ Streaming Service Will Shut Down Weeks After Its Start

Executives at Discovery, wary of antitrust rules, were constrained from advising their counterparts at CNN until the merger was done. CNN+ had lost its champion when Mr. Zucker left in February because of an undisclosed romantic relationship with a colleague. But Jason Kilar, the WarnerMedia chief executive, forged ahead anyway, launching the streaming platform on March 29 to the frustration of the Discovery leadership.

It quickly became apparent that Mr. Zaslav had a very different view on digital strategy.

On the morning of April 11, the first business day of Discovery’s ownership — and 90 minutes before its WBD stock even went live on Nasdaq — JB Perrette, Discovery’s global head of streaming, convened a meeting with CNN executives.

Mr. Perrette had a message: Marketing of CNN+ was to be suspended, pending a formal review of the business, three people familiar with the conversation said.

Executives at Warner Bros. Discovery wanted to merge its other subscription platforms — Discovery+ and HBO Max — into one giant streaming service. They were not convinced that a niche product like CNN+ could be viable on its own.

And there was the matter of the debt. Discovery’s merger left the conglomerate owing about $55 billion, which executives are now under pressure to repay. CNN had been planning to spend more than $1 billion on CNN+ over four years, two people familiar with the matter said, even renting out an additional floor of its pricey Manhattan skyscraper.

Andrew Morse, CNN’s chief digital officer and a key architect of CNN+, who became the biggest internal champion of the service, countered that subscription-based online news could be successful, citing The New York Times as an example. Executives at CNN+ said they had secured 150,000 paying subscribers and were on a pace to hit first-year subscription goals.

Executives at Discovery were not impressed: At any given time, fewer than 10,000 people were watching the service, said two people familiar with the numbers, who were not authorized to speak publicly. (On Thursday, Mr. Morse said he was leaving the network entirely.)

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Netflix’s Stumble Could Be a Warning Sign for Streaming Industry

Many entertainment executives, tired of playing catch-up to a Silicon Valley interloper, have been waiting for the comeuppance of Netflix. But this may not have been the way they hoped it would happen.

Netflix said this week that it lost more subscribers than it signed up in the first three months of the year, reversing a decade of steady growth. The company’s shares nose-dived 35 percent on Wednesday while it shed about $50 billion in market capitalization. The pain was shared across the industry as the stock of companies like Disney, Warner Bros. Discovery and Paramount also declined.

Netflix blamed a number of issues, ranging from increased competition to its decision to drop all its subscribers in Russia because of the war in Ukraine. To entertainment executives and analysts, the moment felt decisive in the so-called streaming wars. After years of trying, they may see a chance to gain ground on their giant rival.

But Netflix’s stunning reversal also raised a number of questions that will have to be answered in the coming months as more traditional media companies race toward subscription businesses largely modeled after what Netflix created. Is there such a thing as too many streaming options? How many people are really willing to pay for them? And could this business be less profitable and far less reliable than what the industry has been doing for years?

advertising-supported tier in the next year or two. Netflix also said it would crack down on password sharing, a practice that in the past it said it had no problem with.

“We’ve been thinking about that for a couple of years, but when we were growing fast it wasn’t a high priority to work on,” Mr. Hastings said. “And now, we’re working superhard on it.”

Netflix has no advertising sales experience, while rivals like Disney, Warner Bros. Discovery and Paramount have vast advertising infrastructure. And the password crackdown led some analysts to wonder whether Netflix has already reached market saturation in the United States.

Mr. Hastings tried to reassure everyone that Netflix had been through tough times before and that it would solve its problems. He said the company was now “superfocused” on “getting back into our investors’ good graces.”

Brooks Barnes contributed reporting.

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Discovery Closes In on Acquisition of WarnerMedia

“I am sure you aren’t surprised that it came with a fair amount of anxiety, disappointment and concern relative to the changes it would trigger,” he wrote. “All considered, I remain confident we have set the right path.”

The creation of Warner Bros. Discovery could prompt changes among existing media companies, forcing smaller companies like Paramount to find a way to get bigger.

“There’s Disney, HBO Max, Netflix, Amazon and Apple — that’s five,” said Michael Nathanson, a media analyst, pointing to the leading streaming services. “You don’t want to be in position six, seven or eight. At some point, they’ll say, ‘We have to find a dance partner.’”

The biggest question will be what happens to HBO Max and Discovery+, the merging companies’ streaming services. Initially, the two could be sold as a bundle, but over time they will be brought together into one giant streaming service, Mr. Zaslav told staff on Friday.

HBO and HBO Max, which consists of new television series and movies, as well as an impressive lineup from the Warner Bros. library, have more than 70 million subscribers; Discovery+ has more than 20 million.

Even brought together, that pales next to Netflix, which has more than 220 million paying subscribers, most of them outside the United States. HBO Max has only recently expanded into foreign territory, though Discovery has built a robust international business.

“A new giant is born when they prove they have international scale,” Mr. Nathanson said of Warner Bros. Discovery. “I don’t think Discovery content on HBO Max in the U.S. is a needle mover. But because international is such uncontested territory, they can have more impact outside the U.S.”

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Streaming Took Over Hollywood. Will It Take Best Picture, Too?

The pandemic accelerated the disruption. Traditional studios like Paramount, Universal, Sony, Warner Bros. and Disney rerouted dozens of theatrical films to streaming services or released them simultaneously in theaters and online. For the second year in a row, the Academy of Motion Picture Arts and Sciences, citing the coronavirus threat, allowed films to skip a theatrical release entirely and still be eligible for Oscars. The academy had previously required at least a perfunctory theatrical release of at least a week in Los Angeles.

This is about more than Hollywood egotism. The worry is that, as streaming services proliferate — more than 300 now operate in the United States, according to the consulting firm Parks Associates — theaters could become exclusively the land of superheroes, sequels and remakes. The venerable Warner Bros. has slashed annual theatrical output by almost half and built a direct-to-streaming film assembly line. Last week, Amazon boosted its Prime Video service by acquiring Metro-Goldwyn-Mayer, the old-line studio behind “Licorice Pizza,” which is nominated for three Academy Awards, including best picture.

In a year when Hollywood largely failed to jump-start theatrical moviegoing, streaming services solidified their hold on viewers. Global ticket sales totaled $21.3 billion in 2021, down from $42.3 billion in 2019, according to the Motion Picture Association. (Theaters were closed for much of 2020.) Some theater companies have gone out of business, others have merged; the world’s biggest theater chain, AMC Entertainment, racked up $6 billion in losses over the past two years and its stock has dropped 66 percent since June. At the same time, the number of subscriptions to online video services around the world grew to 1.3 billion, up from 864 million in 2019, the group said.

One film that struggled at the box office was Mr. Spielberg’s “West Side Story,” which received an exclusive run in theaters (per his wishes) of about three months. It collected about $75 million worldwide (against a production budget of $100 million and global marketing costs of roughly $50 million). “West Side Story” is now available on not one but two streaming services, Disney+ and HBO Max, where it has almost assuredly been viewed more widely than in theaters. But the film was never able to recover — among Oscar voters — from being branded a box office misfire. It received seven nominations, and is poised to win in one category, for Ariana DeBose as best supporting actress.

Mr. Spielberg’s also-ran presence in the current Oscar race makes the ascendance of streaming contenders all the more striking: a lion in the fight to keep the Academy Awards focused on theatrical films is pushed aside.

However unlikely, it is possible that “West Side Story” could come from behind and win the best picture trophy. So could Kenneth Branagh’s “Belfast,” for that matter. Such an outcome would be a bit like 2019, when academy voters, turned off by an over-the-top campaign by Netflix to push “Roma” to best picture glory, instead gave the prize to “Green Book,” a traditional film from Universal Pictures.

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