Bloomberg Intelligence Netflix to Buy Warner Bros. in $72 Billion Cash, Stock Deal
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Dec 5, 2025 
Geetha Ranganathan, a Bloomberg Intelligence analyst focused on U.S. media, discusses Netflix's landmark acquisition of Warner Bros. Discovery, positioning it as a strategic move in the AI-driven streaming landscape. Jennifer Rie, an antitrust expert, delves into regulatory implications and how politics might sway merger outcomes. Wu Jin-ho analyzes HPE’s earnings amid rising competition and AI server demand. George Ferguson talks about Southwest Airlines grappling with profit shifts due to external pressures, providing insights into the evolving airline industry.
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Netflix Plays Long Game Against Gen AI
- Netflix bought Warner Bros. Discovery to protect its long-term streaming dominance amid falling content-production costs from Gen AI.
- Geetha Ranganathan says the deal deepens Netflix's library and global franchises to cement engagement and scale.
Smaller Streamers Face Existential Pressure
- The acquisition effectively cements Netflix's dominance and puts intense pressure on smaller streamers like Paramount and Peacock.
- Geetha warns subscale competitors may need combinations or new strategies to survive.
Soften Regulators With Consumer Promises
- To ease regulatory concerns, Netflix pledges consumer benefits, theatrical releases, and not to pull third-party content.
- Geetha suggests folding HBO Max content into Netflix eventually to cut costs and boost engagement.