Investing Experts There is no streaming war
Dec 23, 2025
Dan Rayburn, a streaming and media industry analyst, delves into crucial insights on investing in streaming services. He emphasizes the importance of focusing on concrete financials over speculation, especially concerning major deals like Warner Bros and Netflix. Rayburn discusses the fragmented nature of NFL streaming and critiques the lack of standardized metrics for assessing sports viewership. He urges investors to prioritize key metrics like profitability and content spend. Finally, he redefines 'TV' as a user-perceived concept, highlighting the diverse strategies of major platforms.
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Wait For Deals To Close Before Acting
- Only care about the Warner Bros. acquisition speculation if the deal actually closes.
- Focus on facts, regulatory outcomes, and the real assets Netflix would acquire before reacting as an investor.
A Netflix Buy Would Change Its Business Mix
- Netflix acquiring WBD would add live channels, sports rights and linear-platform businesses that differ from its core streaming model.
- Those assets could force strategic choices Netflix has not publicly resolved yet.
Price In Long Regulatory Timelines
- Account for lengthy regulatory timelines when valuing large media mergers.
- Expect EU and DOJ reviews to extend deal closings to two-plus years in some cases.