Joe Flint

So even though Netflix is kind of steered clear of big mergers, big deals, they always say we're a builder, not a buyer.

An asset like Warner Brothers that has a lot of classic IP, superhero franchises, great old TV shows, a lot of content that Netflix already knows works on its platform because they've aired a lot of those shows and movies there.

So they know this is good stuff.

Yeah, we're in Squid Game territory right now.

They're taking it to shareholders.

And so now this will get uglier between Netflix and Warner and Paramount.

You know, we'll see how it all plays out.

This was them making their case to the analysts why they were doing this.

So basically they were saying that they firmly believe that their offer is better than Netflix's offer and that this process to bid on these assets has not been fair, that it was inherently biased in favor of Netflix versus Paramount.

So they're taking their case to the Warner shareholders here and that they believe their deal has a better chance of passing from a regulatory standpoint.

Basically, that was, I mean, if they were already hostile, they've now turned it up to super hostile.

They've gone to 11.

So Paramount stock took a hit last Friday when it emerged that Netflix had been Warner's chosen partner.

I think because the street and everyone else felt that Paramount really needs Warner to scale up and be a competitor.

Otherwise, you're still the same old Paramount competitor.

So they really feel like they need these assets.

They will tell you that they feel like they will be a better steward for these assets than Netflix.

But that's really what's driving this, the old he who has the most toys wins.

Yeah, there's a few major antitrust concerns there.

The biggest thing that this will turn on for Netflix is how are we defining the streaming marketplace?