Why Netflix Shareholders Aren’t Thrilled to Acquire Warner Bros.

Netflix NFLX -2.89%decrease; red down pointing triangle has made some hard turns before. But its latest is already causing whiplash. 

In a deal announced Friday morning, Netflix will be acquiring the Warner Bros. film and TV studio business for $72 billion. That is a big price considering the entirety of Warner Bros. Discovery was fetching a market cap just over $30 billion in early September before deal speculation began. And it is a massive move for Netflix, which has never spent more than $700 million on an acquisition.