Netflix stock has dropped roughly 30% from its mid-2025 highs. The market seems nervous about their $82.7 billion cash offer to acquire Warner Bros Discovery's streaming and studio arms. The deal excludes the cable business but includes major IP like DC Comics and Harry Potter. While the price tag is massive, analysts still have a consensus price target of $113.42, implying they think the reaction is overblown. Management believes the combined synergies could boost EBITDA significantly, though regulatory approval is still a factor.