Fully agree that it’s a step in the right direction. The thing that gives me pause is essentially ‘if they want to be a co-op, why aren’t they just a co-op’?

I appreciate that in a full co-op dilution is a concern if they need external investors (e.g., Curiosity Stream) but you could have a structure with 50% co-op ownership and 50% capital ownership, so dilution as the platform expands would only affect the other co-operative owners.