> Any consolidation like this seems like a negative for consumers.

WBD was on an increasingly unprofitable path, and we know where that road leads.

The exact same road that generally leads to the same sort of problematic consolidation?

At best, WBD could have gone bankrupt and a court order could require it to be sold as parts with no one studio getting a significant chunk, scattering WBD's IP moat across many competitors.

But most likely it just means someone like Netflix would have the chance to make a smaller offer for the same kind of deal on a WBD with a worse negotiating position. Same consequences, different day.