The combination of Netflix and Warner Bros. Discovery (WBD) is drawing the attention of analysts around the world – and there are several big question marks around the implications.

François Godard, Media and Telecoms Analyst at Enders Analysis, provided a stark warning about the deal , which has been confirmed in the past few minutes and will see Netflix purchasing the Hollywood studio behind the likes of Succession and the Harry Potter films for a total enterprise value of $82.7B.

“My first reaction is, watch out, Netflix,” he said. “The merger of Warner Bros. and Discovery destroyed value, and the risk is that this new deal will also produce a result smaller than the addition of the parts. HBO, the most brilliant TV creative house survived Zaslav, but will it die under Net

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