Netflix’s $72B Warner Bros Gamble (December 8, 2025)

Netflix just shocked Hollywood with a $72B bid for Warner Bros, the biggest media deal of the decade. But behind the headlines is a fight over market share, regulation, and the future of streaming.

In this episode, we break down:

• Why Netflix is suddenly willing to buy instead of build
• How HBO, Warner Bros, and gaming change Netflix’s strategy
• The regulatory risk (and why Trump and Paramount matter)
• Whether this deal can ever pay for itself
• What this means for the future of streaming bundles and pricing

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Episode Links:

• Netflix press release
• Netflix set to buy Warner Bros. in deal valued at $83 billion (ABC News)
• Netflix Co-Founder LinkedIn Post

Chapters:

• 01:20 Christmas tree banter and setting the stakes
• 03:05 What Netflix is actually buying from Warner Bros
• 07:00 Why Netflix wants Warner Bros and HBO
• 11:45 Can this $72B deal ever pay off?
• 16:30 Ads, bundles and the future Netflix business model
• 20:50 Antitrust risk, Trump factor and hostile bids
• 24:30 Disney, YouTube and the real competitive set
• 28:10 When M&A stops being rational

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