With Netflix's proposed acquisition of Warner Bros., old fears have come back to life: consolidation threatens competition, monopoly looms, and only aggressive antitrust enforcement can save consumers. It's the same narrative we heard when AT&T purchased Time Warner in 2018—a deal that critics insisted would harm the market. Within a few years, the market self-corrected, and AT&T divested the assets at a loss. The supposed crisis never materialized.
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