Lauren Hirsch

Netflix announced plans to acquire Warner Bros. Discovery’s studio and streaming business, in a deal that will send shock waves through Hollywood and the broader media landscape. The cash-and-stock deal values the business at $82.7 billion, including debt. The acquisition is expected to close after Warner Bros. Discovery carves out its cable unit, which the companies expected to be completed by the third quarter of 2026.

In an era of tighter antitrust scrutiny of Big Tech in the United States, in Europe and elsewhere, what questions does Meta’s effort to extend its social media reach raise about the industry’s ability to expand into new areas — even when players build new services themselves, rather than buy a smaller foe? Size matters, but it’s just one factor. Regulators will want to know how Meta is gaining market share. Data concerns loom large.  Being big doesn’t run afoul of antitrust law. “The key is network effects.”  “There’s a narrative out there that anything a tech company does is bad.”