Netflix is eating Hollywood — because it has to

On today’s episode of Decoder, I’m talking about the bidding war over Warner Bros. Discovery, which is the biggest story in the entertainment industry right now, and for good reason. It has pretty much everything you could want in a buzzy Hollywood saga — big names, big money, and big drama.

Right now, the winning bidder is Netflix. The streaming juggernaut won the bid for Warner Bros., offering $83 billion dollars for the movie studios, but not the cable channels, to keep its content...