Netflix stock rises 10% after bailing on Warner Bros. deal

Streaming M&A is a cultural transplant. It’s board politics, restructuring plans, overlapping leadership teams, and the slow drip of “integration updates” that turn a growth story into a project-management story. Netflix lives and dies by momentum. WBD comes with history — and history comes with an overhead. So a history-soaked media marriage between the two would have turned executives into integration therapists and shareholders into involuntary gamblers.Netflix’s value proposition has always been control ...