Plus, let's just call it Schrödinger's Strait. As anyone who has watched The Princess Bride will know, there are some classic blunders: Never get involved in a land war in Asia or go in against a Sicilian when death is on the line. Only slightly less known is that you really shouldn't invest alongside media deals.

It's tempting. They punch above their weight in terms of drama and, well, media coverage. News organizations devote way less space to mergers, acquisitions or spinoffs involving toilet paper, paint or breakfast cereal.

But the combination of big egos, lots of debt and sometimes politics makes Hollywood a place that fascinates readers and frustrates investors. The allure of glamour and headlines often masks fundamental financial risks that leave shareholders bearing the cost while bankers collect their fees.