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Humbled Netflix Made a Bonehead Mistake

Stocks in this article: NFLX TWX AMCX

NEW YORK ( TheStreet) -- In due time, Netflix (NFLX) sentiment should regress toward a less euphoric mean. But, of course, the media isn't prepared to face reality just yet.

After what can be nothing other than an Emmys disappointment for Netflix, most of the media's lead stories still look like something this:

Netflix Wins Emmy for 'House of Cards' or Breaking Bad's Emmy is a win for Netflix, too.

Reed Hastings could take up methamphetamine production as a hobby and this uncritical media would find a way to spin it righteous and positive.

Last time I checked, Time Warner (TWX) is the publicly traded firm that owns Home Box Office (HBO). And it crushed Netflix on Emmy victories. But, in the financial media, stories that focus on TWX's success remain outliers. That's little more than abject journalistic failure.

Whether Netflix won the important Emmys (Best Actor, which went to HBO, and Best Drama, which went to AMC Networks (AMCX)) or not, I was prepared to say the same thing:

Emmy nominations, Emmy wins, Emmy losses, Emmy snubs -- none of these things matter at all. Not even a little.

It's fantastic that Netflix was nominated. It's equally as fantastic that it won in a major category and picked up a couple Creative Arts Emmys. It would have been a bit more fantastic had it won best actor and/or best drama.

If it was shut out -- or had a less-than-thrilling showing like it did -- that wouldn't have mattered either. While it would not have been "fantastic," it would have amounted to little more than a bruised ego or something of the sort.

Same goes for HBO, AMC and the others. Because, again, winning Emmys doesn't matter.

HBO's most popular series -- Game of Thrones -- did relatively poorly on Sunday night. Meantime, VEEP, a show with an audience not even a third the size of GOT's, took home some biggies. Same with The Newsroom. Behind the Candelabra also crushed it.

The problem with the whole Netflix Emmys storyline is the media's insistence to spin it not only as meaningful, but as positive minus any level-headed analysis or critical thought. It's as if the media is on some artificial NFLX high and thinks it's a drag, man that anybody would dare attempt to criticize.

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