International industry are trying to make sense of the overnight bombshell that Netflix is buying Warner Bros, which has been confirmed this morning by the two companies.

We have cast the reaction net far and wide this morning. Responses to the deal vary considerably. Former WarnerMedia CEO Jason Kilar tweeted his thoughts last night. Some Warner Bros Discovery international staff we spoke to off the record this morning expressed dismay. Others expressed hope that a deal would at least provide some clarity on company direction.

A number of international studio execs we spoke to said they understood the business sense of the deal and that there are benefits to this deal rather than a Paramount or Comcast pact. But there was serious concern among leading independent distributors an

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