It has been a couple of days now since the news broke, and it’s still hard to process. The announcement that Netflix—the company that famously swore by a “build it, don’t buy it” philosophy—has acquired Warner Bros. and HBO marks a seismic shift in the landscape and Netflix’s strategy. The deal places some of history’s most lucrative intellectual property, from Harry Potter to DC Comics, under the control of the world’s largest streamer.

But beyond the shock waves and the headlines, does the math actually work? To cut through the noise, I reached out to the Entertainment Strategy Guy. Known for his anonymous, data-driven deep dives into the business of Hollywood (including many readers within Netflix, I’m told!) and for having spent many years of his career within the machine, he has be

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