Netflix co-CEO Greg Peters took another dig at big media M&A today as Warner Bros. Discovery formally put itself in play, calling studio mergers no sort of solution to the industry’s challenges. “You have to do that by the hard work of developing those capabilities in the trenches day to day. You don’t get there simply by buying another company that is also still developing those same capabilities,” he said on the giant streamers quarterly earnings webcast.

“Think about Disney Fox, and Amazon picking up MGM, Time Warner and AT&T and then Discovery and Warner. But you know, none of those mergers were a fundamental shift in the competitive landscape. And we have seen also a wide range of outcomes from such mergers. So watching some of our competitors potentially get bigger via M&A does

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