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This week Kristen and Jen break down the blockbuster Netflix–Warner Bros. deal. Netflix has agreed to acquire Warner Bros. Discovery’s studio and streaming assets — HBO, Max, Warner Bros. Studios, and its iconic content library — for $27.75 per share in a cash and stock deal. But before the deal closes, Warner Bros. will spin off its cable networks (CNN, TBS, Discovery Channel, and more) into a separate company. That means Netflix is only buying the good stuff — no legacy cable attached.

This episode dives into the complex mechanics behind the transaction: how the spin-off works, what a "collar" means in M&A land, and why this $72 billion equity offer came with a surprisingly low premium. Also: there was a whole bidding war behind the scenes. Paramount / Skydance wanted to buy the entire company. Comcast and Netflix were just after the streaming assets and studio business. Why did Netflix win? What happens next? And will this deal reshape the future of streaming as we know it? This episode is a full M&A teach-in wrapped in an entertainment headline — and yes, we also talk about Industry coming back soon.

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