Netflix and Warner Bros. Discovery ‘s blockbuster deal announcement early Friday sent a shock wave through the industry. The streamer outbid Paramount and Comcast for Warner Bros. studios and HBO/HBO Max in a deal valued at $82.7 billion, nearly double the price tag of the Warner Bros. Discovery merger less than four years ago.

An announcement, of course, does not mean a done deal, particularly for one of this size. Comments from Netflix co-CEOs Ted Sarandos and Greg Peters and WBD chief David Zaslav in the wake of the morning reveal tended toward the general — as they must in the beginning stages of a mega-merger like this — but that leaves a lot of questions hanging. Here, in relative order of importance, are five of them still waiting to be answered.

Netflix and Warner Bros

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