No. of Recommendations: 1

Not all of that $650 million is a current liability. As far as I can tell slightly less than half of that is. Check out page 8 of the 10Q:

The content liability incurred from the acquisition of streaming rights for a property can range anywhere from 6 months to 5 years, so not all of it falls into the current liability bucket:

The Company typically enters into multi-year licenses with studios and other distributors that may result in an increase in content library and a corresponding increase in accounts payable and other non-current liabilities. The payment terms for these license fees may extend over the term of the license agreement, which typically range from six months to five years.

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