This essay examines the fascination with bodily conversion that characterizes recent HBO programming. Dramas and comedies like True Blood, Veep, Silicon Valley, and True Detective describe human forms in various states of transformation: into a menagerie of supernatural creatures, polling data, digital information and, even, the landscape of the American South. These transformations anticipate and seek to rationalize the exchange of the programs in which they appear into and out of diverse forms of Time Warner brand equity – even as they rehearse anxieties that the network's famed “quality” diminishes in the face of such exchanges. Female characters bear the brunt of this reflexivity; their forcibly contorted and monetized bodies figure the temporary material form assumed by otherwise liquid equity as it moves within Time Warner and, ultimately, over Internet lines and into the viewer's home. The network's famed misogyny is, in this respect, self-conscious and idiosyncratic, and reveals something essential about the incoherence of HBO's parent company at the moment that the network discovers new pathways for the direct distribution of its product.