[drumhead]

Netflix win this by losing. Paramount has massively overpaid for Warner Brothers, and taken on a crippling amount of debt. It was existential for them, they had a failing studio and streaming service which they hope Warners IP and HBO can compensate for.

Let's not forget that Warner Brothers has been a bit of an albatross and never made money for anyone, that's why it's passed through so many different hands. Time, AoL Discovery to name a few.

Now Paramount are going to be sitting there with a mountain of debt, while Netflix and Disney are relatively debt free and very profitable and cash generative.