Netflix Didn’t Pay $72 Billion for Hollywood. It Paid for Protection Against Google.
On Friday, Netflix announced it would acquire Warner Bros. Discovery’s studio and streaming assets for $72 billion. The deal brings a century-old library under Netflix’s roof: Harry Potter, Batman, Game of Thrones, The Sopranos, Friends. The entertainment press responded with predictable narratives. Streaming consolidation. The death of Hollywood. The triumph of the disruptor. These narratives are not wrong. They are incomplete. The more interesting question is not what Netflix bought, but what it is defending… Netflix Didn’t Pay $72 Billion for Hollywood. It Paid for Protection Against Google.