Why does Netflix want to buy Warner Bros. ? In an era of mergers and megadeals, an age where content is king, a question like that might seem beyond naïve. As a newly, hugely bulked-up version of itself, Netflix will be ingesting a mountain of creative content that’s nearly mythological in its reach: everything from Clint Eastwood movies to the DC empire to “The Wizard of Oz” to the fabled HBO catalogue. Simply as an opportunity to expand what Netflix offers its streaming subscribers, the deal to buy Warner Bros. feels like some sort of ultimate bonanza. The sale still needs to get regulatory approval, and there’s actually a chance that might not happen, but taken as a nervy commercial act of late capitalism, the deal needs no defense. The bottom line is clear.

But a larger question l

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