When a former studio executive starts quoting cosmic metaphors, you know something big is happening. Roy Price, who used to run Amazon Studios and now leads International Art Machine, just published a warning shot about the proposed Netflix Inc. (NFLX) acquisition of Warner Bros. Discovery Inc. (WBD) that's getting Hollywood's attention.

One Sun to Rule Them All

Writing in The New York Times, Price didn't mince words about what he sees coming. The deal wouldn't necessarily kill filmmaking, but it could create something potentially more concerning: an entertainment solar system with Netflix as the gravitational center.

"But if Netflix acquires Warner Bros., this long-prophesied death may finally arrive, not in the sense that filmmaking will cease but in the sense that Hollywood will become a system that circles a single sun, materially changing its cultural output," Price wrote.

It's a striking image, and one that captures what makes this merger different from typical consolidation. You're not just combining two companies; you're merging the dominant streaming platform with one of Hollywood's most storied legacy studios, known for its theatrical muscle and deep content library.

The Math Gets Uncomfortable Fast

Let's talk numbers, because they tell the story. Netflix currently spends about $18 billion annually on content. Warner Bros. throws around $20 billion. Put them together, and you're looking at a combined entertainment juggernaut controlling a massive chunk of industry spending. Price estimates this would effectively double Netflix's market share from 9% to 18% of total entertainment spending.

That's the kind of concentration that makes antitrust regulators nervous. And it's not just about market share. The concern is what economists call a monopsony, where you have one dominant buyer. When that happens, writers, directors, actors, and other creative professionals have fewer places to take their work, which means less bargaining power and potentially less creative risk-taking.

The Department of Justice has been down this road before. They blocked a similar consolidation in the publishing industry specifically because of concerns about reduced bargaining power for authors. The same logic applies here, maybe even more forcefully given Hollywood's role in cultural output.

Not Everyone's Thrilled

The proposed $82.7 billion merger has attracted critics from multiple directions. Senator Elizabeth Warren has already called it an "anti-monopoly nightmare," warning about higher prices and reduced consumer choice. That's not just political posturing; the merger would create a streaming giant controlling nearly half of all subscribers.

But here's where it gets interesting. Melissa Otto, who heads research at S&P Global Visible Alpha, suggests there's more happening beneath the surface. This isn't just about movies and TV shows anymore. She argues the merger is actually a major play in artificial intelligence and technology, potentially positioning Netflix to compete with Alphabet Inc. (GOOG) (GOOGL) on different terrain entirely.

That framing changes the conversation. If this is really about AI and tech infrastructure, then the content library becomes training data and the streaming platform becomes a distribution channel for something bigger. Content spending becomes R&D spending by another name.

Ripple Effects Already Showing

The announcement is already sending waves through the industry. AMC Entertainment Holdings Inc. (AMC) shares have felt the impact as theater chains contemplate what a Netflix-Warner Bros. combo means for theatrical releases. Warner Bros. has been one of the studios most committed to traditional theatrical windows, so this merger could accelerate the shift away from cinemas.

Price's warning comes from someone who's been inside the streaming wars and understands the dynamics. His concern isn't about Netflix being evil or Warner Bros. selling out. It's about structural changes to how entertainment gets made and distributed when you concentrate that much power and spending in one place. Whether regulators agree remains to be seen, but the debate over Hollywood's future is clearly just getting started.