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“Right the ship” is an idiom that means to correct a bad or dangerous situation. Picture a boat on the water in a storm. The boat starts to lean heavily to the port (left) side. If the crew doesn’t take immediate action, the boat will sink.
The crew takes the action needed to steady the boat so that it’s upright; it’s not leaning to port or starboard (right side). This is “right the ship.”
You can use this when a business is in danger. Paramount’s streaming service lost a lot of money last year; it lost so much money that it cancelled all the profits in the whole rest of the business. Disney+ lost billions of dollars, too. What will executives do to right the ship? What will they do to correct a situation that is dangerous to their businesses?
As you heard in the lesson, they are raising prices, cutting content, trimming their libraries, and introducing ads.