Jon Kelly and Peter chew over Netflix’s shock victory in the WBD bidding war—outmaneuvering Paramount and Comcast to nab WBD’s Studio and Streaming assets. They parse every angle of this $83 billion deal: whether the Trump administration will actually scrutinize the merger, whether David Ellison is ready to give up and walk away, what this all means for the CNNs of the world, and more.

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