Things may yet go from bad to worse for Warner Bros. Discovery, which announced a $9 billion write-down on its television assets last week, sending the company’s stock to an all-time low. The following day, WBD’s chief revenue officer, Bruce Campbell, took the witness stand in a courtroom in Lower Manhattan. I was there when he acknowledged that things are pretty damn “tough” for the TV business right now.

Campbell, of course, was incentivized to be unusually candid about the state of the industry. He was testifying during a critical evidentiary hearing in the antitrust suit brought by digital TV provider FuboTV against WBD, as well as Fox and Disney, over their joint sports streaming product, Venu. The new service would offer a bundle of live sports for $42.99 per month—potentially undercutting more expensive rivals. Accused of monopolizing sports TV bundles, WBD has portrayed itself as under extraordinary pressure to innovate in a market that’s rapidly deteriorating. “We need to get to younger people,” Campbell said, later admitting, “Fox and Disney were going to go forward whether we joined or not.”