Todd Spangler

Todd Spangler, Variety's business editor and media reporter, dives deep into Netflix's recent Q4 2025 earnings report, unpacking its implications for the streaming giant. He discusses the significant shift to an all-cash offer for acquiring Warner Bros. Discovery and the subsequent investor backlash. Spangler also highlights Netflix's evolving strategy, its embrace of theatrical releases, and the importance of Warner Bros.' reach in this acquisition. With subscriber growth slowing, he sheds light on Netflix's content spending plans and how its role in the industry has transformed.