Netflix shares tumbled Wednesday after the company issued a disappointing forecast for earnings in the months ahead as it spends more on programming and works to close its $82.7 billion deal with Warner Bros. Discovery Inc. The streaming leader said Tuesday it plans to increase spending on films and TV shows by 10% this year while forging ahead with plans to buy the studio and streaming business of Warner Bros., a deal that would unite two of the world’s largest entertainment companies. Netflix spent about $18 billion on programming last year, with subscribers growing almost 8% to top 325 million. Wedbush Securities Media & Entertainment Equity Research SVP Alicia Reese joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec.