The Business How would a Netflix-owned Warner Bros. operate?
6 snips
Oct 24, 2025 
In this discussion, Lucas Shaw, Chair of the Media and Entertainment Group at Bloomberg News, shares insights on Netflix's Q3 performance and explores the speculative market regarding its interest in Warner Bros. Meanwhile, Kelly Reichardt, a veteran independent filmmaker noted for her unique approach, reveals her journey from financing her first film with credit cards to advocating for theatrical releases. The conversation touches on the industry's changing dynamics and why meaningful projects, rather than blockbusters, drive her creative passion.
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Why Netflix Stock Dropped
- Netflix's earnings wobble reflected a tax hit, investor perfection demand, and takeover rumors all at once.
- Lucas Shaw suggests investor anxiety about potential bids for Warner Bros. magnified the stock drop.
Netflix May Target Studios, Not Networks
- Netflix publicly dismissed interest in buying legacy networks but sounded open to studio and IP assets.
- Lucas Shaw says Ted Sarandos likes owning IP and a studio lot, so parts of Warner could still interest Netflix.
The Cost Of Stripping A Studio
- Buying Warner would risk destroying valuable revenue streams to extract subscribers and IP.
- Lucas Shaw warns Netflix could pay tens of billions and then cut theatrical, licensing, and linear revenue for marginal streamer gains.
