Disney’s top brass has dug in for a fight that just wiped $18 billion off the company’s market value. With CEO Bob Iger and CFO Hugh Johnston steering the response, tensions with YouTube TV have escalated into a full-blown blackout and triggered a sharp sell-off. Yet even with one of the costliest standoffs the company has faced in years, Disney shows no sign of backing down.

“We’re ready to go as long as they want to,” Johnston said. “The deal we have proposed is equal to or better than what other large distributors have already agreed to,” Iger added. “We are not trying to break any new ground.”

The backbone of this clash is a fierce carriage dispute over retransmission fees for Disney’s networks on YouTube TV. Their contract expired on October 30, and negotiations broke down when

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