This chapter investigates how media industries’ partial and conditional embrace of fan culture and participatory practices subtly colors perceptions of which fans are (in many cases, quite literally) valuable within a post–Web 2.0 media landscape driven by user-generated content. In order to interrogate both the legal and ideological “terms and conditions” that govern sanctioned modes of fan participation within the convergence culture industry, this chapter focuses on two key issues. First, it considers how fan labor has been industrially co-opted, contained, and commercialized through a series of test cases. Second, it addresses the growing prominence and industrial reliance on enunciative fan production through an analysis of AMC’s fan aftershow The Talking Dead, considering how the show temporally (rather than legally) censures fan production, stressing “correct” interpretations that economically and ideologically reinforce industrial interests.