Chris Hughes, Columnist

Netflix Is Gambling $72 Billion on Buying Instead of Building

December 5, 2025 at 5:30 PM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

Maybe it won’t take so long to find something decent to watch.
Photographer: Didem Mente/Anadolu/Getty Images

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In the ultimate triumph for the disruptors, Netflix Inc. has won the fight for renowned Hollywood studio Warner Bros. Discovery Inc. with a $72 billion cash-and-stock deal. But does it truly make sense?

The transaction, which is worth $83 billion including debt, clearly marks a historic moment in the assault on the movie business by the tech industry. Amazon.com Inc.’s $8.5 billion purchase of Metro-Goldwyn-Mayer and the James Bond franchise pales in comparison next to this one.