Everyone thinks this is about Netflix getting HBO and Harry Potter. Netflix is eliminating their last remaining competitive threat. Warner Bros. Discovery is the only scaled content factory left that remains independent. They produce 30+ scripted series annually for external buyers, run the second-largest streaming service by content spend, and control DC, Harry Potter, HBO, and CNN. Paramount buying WBD creates a combined entity with Paramount+, Pluto, and HBO Max that suddenly has scale to…