Shira Ovide is a Bloomberg Gadfly columnist covering technology. She previously was a reporter for the Wall Street Journal.

Companies are spending billions of dollars to keep us entertained. AT&T agreed to buy Time Warner Inc. for $85 billion so the phone company can own the company responsible for "Game of Thrones" and the Batman movies. Netflix Inc. and Inc. are draining their cash to make or rent more series for their web video services. And the traditional broadcast and cable TV networks are racing to keep up

This surge of programming is wonderful for viewers, but make no mistake: It is a bubble. And bubbles tend to end badly. Click on the video below to see more.

Binge-Watch Now, Before the Netflix Bubble Bursts

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Shira Ovide in New York at

To contact the editor responsible for this story:
Daniel Niemi at