Making sense of the risky Netflix-Warner Bros. deal

Netflix's proposed $82.6 billion acquisition of Warner Bros. represents a symbolic moment where the former DVD-by-mail startup has grown powerful enough to potentially acquire a major Hollywood legacy studio. The deal would significantly expand Netflix's content library and diversify its business into theatrical releases and theme parks, though analysts question whether the massive price tag is justified. Hollywood unions and theater owners have expressed concerns about further industry consolidation, especially since Warner Bros. recently merged with Discovery and now faces competing bids from Paramount, making its future as an independent company unlikely.