Jefferies analysts point out that Netflix's deal with Warner Bros. Exploring has blurred its otherwise clear investment narrative. The deal “adds noise to the once succinct Netflix narrative” because it weakens the company's narrative logic for organic growth and poses integration risks. However, the analyst added that the overall view on Netflix remains positive. Netflix will still be the dominant player in the streaming media sector, and antitrust concerns have been exaggerated. The combined streaming time of Netflix and HBO Max accounts for only 9% of the total viewing time of American viewers. Furthermore, Warner Bros.'s large workforce also provided Netflix with room for layoffs and optimization.

Jefferies analysts point out that Netflix's deal with Warner Bros. Exploring has blurred its otherwise clear investment narrative. The deal “adds noise to the once succinct Netflix narrative” because it weakens the company's narrative logic for organic growth and poses integration risks. However, the analyst added that the overall view on Netflix remains positive. Netflix will still be the dominant player in the streaming media sector, and antitrust concerns have been exaggerated. The combined streaming time of Netflix and HBO Max accounts for only 9% of the total viewing time of American viewers. Furthermore, Warner Bros.'s large workforce also provided Netflix with room for layoffs and optimization.