Large media companies are slow to adopt new platforms like Substack. However, once one major player makes a move (e.g., Bloomberg launching Substacks), it triggers a "fast follow" reaction from competitors. This predictable herd mentality creates strategic windows for creators on those platforms to pursue acquisitions.

The primary concern for creators regarding a Netflix-Warner Bros. merger isn't consumer price-gouging (monopoly). It's that Netflix would become the single dominant buyer of content (monopsony), giving it immense leverage to suppress creator pay and control.

The cynical take on the Netflix-WB deal is that Netflix's true goal is to eliminate movie theaters as a competitor for consumer leisure time. By pulling all WB films from theatrical release, it can strengthen its at-home streaming dominance and capture a larger share of audience attention.

Netflix's bid for Warner Bros. may be a brilliant game theory play. Even if the deal is blocked by regulators, it forces its primary rival into a multi-year acquisition limbo. This distraction freezes the competitor's strategy, allowing Netflix to extend its market lead. It's a win-win for Netflix.

Unlike the infamous AOL-Time Warner merger where an overvalued tech stock bought a solid media asset, Netflix, a genuinely valuable company, is considering buying a legacy media library at a potentially inflated price. This signals a strategic shift from bubble-currency acquisitions to potentially overpriced consolidation by established tech players.

The acquisition isn't a traditional consumer monopoly but a monopsony, concentrating buying power. This gives a combined 'Super Netflix' leverage to dictate terms and potentially lower wages for actors, writers, and directors, shifting power from talent to the studio.

The intense bidding war for Warner Bros. Discovery is driven by unique strategic goals. Paramount seeks subscriber scale for survival, Netflix wants premium IP and sports rights, and Comcast primarily needs modern franchises like Harry Potter to fuel its profitable theme park business.

For legacy companies in declining industries, a massive, 'bet the ranch' acquisition is not an offensive growth strategy but a defensive, existential one. The primary motivation is to gain scale and avoid becoming the smallest, most vulnerable player in a consolidating market, even if it requires stretching financially.

By launching a bid for Warner Bros., Netflix CEO Ted Sarandos has ingeniously stalled the market. This move forces all other potential suitors and targets into a holding pattern, as any significant M&A activity must now wait for the outcome of this lengthy regulatory battle, giving Netflix a strategic advantage.