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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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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