December 10, 2025

Netflix’s $82B bid for Warner Bros, Harvey AI’s third funding round this year, Meta’s Reality Labs Cuts

54 minutes

In this episode of Get the Check, the pod covers one of the largest deals of the year: Netflix’s $82B bid for Warner Brothers. Also, Harvey AI’s third raise this year for a total of $760M at an $8B valuation, and why Meta is making cuts to Reality Labs.

Netflix’s $82B bid to acquire Warner Brothers gives it access to some of the best IP in the world like Harry Potter and Game of Thrones. The hosts break down how Netflix would inherit 117M global subscribers, a century of IP, and about $30B in Warner Bros’ debt. There’s also a $5B break-up fee that Netflix will have to pay if the deal falls apart because of regulatory issues. They unpack why the industry is panicking: from Hollywood insiders warning about the death of film culture to regulators pointing out that a Netflix–HBO merger could control over 30% of the streaming market, which is generally considered a monopoly. Meanwhile, Paramount’s CEO, who also happens to be Larry Ellison’s son, is still trying to convince Warner Brothers that they have time to change their mind and pick Paramount instead.

Next, the group dives into Harvey, the “it girl” in vertical AI. The company has gone from $50M to $150M ARR in a year, raised three rounds from Tier 1 VCs in 12 months, and is valued at $8B. They debrief the founding story: from answering legal questions on Reddit using GPT-3, to cold-emailing OpenAI’s general counsel (who ended up investing), to naming the company after Harvey Specter. They also talk about the actual product and Harvey’s moat, which comes from data and creating a sticky platform not just a chatbot.

The episode ends with Meta’s Reality Labs, which just bought an AI pendant. Meta quietly acquired Limitless, a wearable that records everything you say. The hosts make the point that “always-on” devices haven’t worked in the real world, which is why Meta likely bought Limitless for the talent, not the product. Reality Labs still lost $4.4B last quarter alone, which is why Meta is cutting budgets, delaying future headsets, and potentially regretting the rename.

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00:00 Intro

02:31 Netflix’s $72B bid for Warner Bros

03:47 History of the streaming wars

04:53 Deal terms of the offer

10:53 How Warner Bros ended up for sale

12:19 Paramount’s fight for Warner Bros

14:18 Industry and regulatory reactions

26:00 Would Harvey AI get our check?

27:46 Harvey’s founding story

29:39 Harvey’s customers

34:21 Harvey’s product suite