Ed Ludlow

Caro.

Now coming up, Ed, we'll have the latest on efforts to buy Warner Brothers assets.

This is Bloomberg Tech.

This is a process that we're very confident that we're going to navigate.

That was Netflix co-CEO Ted Sarandos speaking to us last week about its bid to take over Warner Brothers Discovery Studios and streaming business.

But already the regulatory landscape is shifting.

Bloomberg reporting Saturday the Justice Department is investigating whether the deal would give Netflix too much power over filmmakers and other content creators.

Let's get the latest with Bloomberg's Lucas Shaw, who leads the screen time team and coverage of that industry.

A lot's changed in five days, but basically from Josh Disko's reporting, it looks like actually the DOJ probe or review is wider than Mr. Sarandos told you and I, that it was kind of procedural and standard.

And we're expecting it to be higher, Lucas?

Lucas, it's an ongoing process and reading the reporting, it's going to go on for a long time, right?

But remind us of the differences in the bids.

Simply that for Netflix, it's the studios and streaming platform, but for Paramount Skydarts, it's the entirety of Warner Brothers Discovery.

What are investors saying, Lucas, about where they're swayed?

Lucas, very quickly, just looking back on that interview, you asked him, like, why does Netflix not want the legacy cables?

His answer was straightforward.

That's not the business we're in.

And we talked about the movie theaters, those two points.

Bugaboo.

That's going to be in my head now.