Netflix’s growth story takes a high-risk turn

Netflix just crossed 325 million subscribers and beat revenue with $12.1 billion in Q4, yet its stock slid as markets focused elsewhere.

The streamer has pivoted to an all-cash $82.7 billion bid for Warner Bros. Discovery, backing it with $67.2 billion in debt and pausing buybacks to get the deal done.

With a potential $85 billion debt load and a legal and bidding war still unfolding, investors are now asking whether content dominance justifies the financial stretch.