With news breaking of Netflix joining the bidding war for Warner Bros. Discovery and looking to potentially make a huge cash offer to get their hands on the studios, this was a good opportunity to look back at the streaming wars that we've recently covered. It also gave us the perfect opportunity to discuss general M&A concepts, especially the risks that come with the opportunities.

This is topical given our work in Magic Markets Premium this week where we focused on Dick's Sporting Goods now that the Foot Locker deal has closed.

M&A always captures the imagination of investors, but caution is warranted.

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