Decoder with Nilay Patel Netflix is eating Hollywood — because it has to
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Jan 29, 2026 
Julia Alexander, media correspondent at Puck News known for sharp analysis of corporate strategy and Hollywood, joins to unpack the Warner Bros. bidding war. They discuss why Netflix is the frontrunner to buy Warner Bros. and what that means for competition with TikTok and traditional studios. The conversation covers engagement strategies, regulatory risks, and how tech giants are reshaping attention and premium content.
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Netflix Buying Is A Strategic Necessity
- Netflix must buy Warner Bros because it needs big IP and a vast library to boost engagement and retention.
- Julia Alexander saysNetflix has scaled into a company that has to acquire these assets to compete for attention.
Two-Front Battle: Shorts Versus Premium Library
- Netflix faces two simultaneous pressures: user-generated short-form competition and the need for a premium licensed library.
- Julia argues Netflix is making both bets: experiments with short-form formats and buying library IP to enable a premium tier.
Libraries Take Decades To Build
- Building a century-spanning library organically would take decades, so acquisition accelerates scale.
- Julia notes Warner's 100-year catalog is the fastest route to the desired library depth.