Netflix is looking to acquire Warner Bros for $72 billion. Media analyst Doug Shapiro suggests this is a major pivot from their old "war on sleep" strategy. He thinks Netflix realizes they can't beat social media apps like TikTok or YouTube on raw time spent anymore. The main driver here seems to be the threat of AI. Shapiro calls it the "infinite monkey theorem" where AI tools allow anyone to create content, flooding the market with free entertainment. By buying Warner, Netflix gets massive IP like Harry Potter, DC, and Game of Thrones. Shapiro argues it's almost impossible to launch new franchises from scratch now, so owning established IP is the only real moat. The goal is to move from just showing movies to "monetizing fandoms" and deep engagement, similar to how video game companies operate.