The competition between Netflix and Paramount Skydance to acquire the studio is haunted by the ghosts of mergers past.

“Netflix does not have the same incentive to release films in theaters and will be incentivized to use WBD’s world-class IP library to entrench Netflix’s streaming dominance while also harming theatrical distribution, talent and moviegoers,” it reads. There’s a lot of that.

Netflix is trying to set up its future as an unbeatable Hollywood studio by buying Warner Bros., but Ted Sarandos is going to have to fight for it.