A further thought...
Even after a massive frop in SP, NETFLIX is still valued at a whopping US$97B.
Warner-Discovery is valued at US$52B.
Given the changine landscape, I think Warner-Discovery is a better business than NETFLIX. They have a diversified revenue stream and will generate ~US$50B a year (Compared to NETFLIX ~US$30B).
Given the choice, what would you rather have? One NETFLIX...or Two Warner-Discovery? I know what I would pick!
I suspect NETFLIX has a fair way to drop before it becomes a bargain.
Better keep my eyes peeled!