Ken Leon reacts to Netflix (NFLX) earnings, saying that it is doing some “very exciting things” that are being overshadowed by the Warner Bros. Discovery (WBD) deal. He argues there is a “lot of uncertainty” for investors in the stock as the bid process drags on and says Netflix is probably overpaying. He discusses the “troubled deal,” with antitrust concerns, subscriber concentration, and other worries that are keeping him cautious. He likes Fox Corp. (FOXA), TKO Group (TKO), Live Nation (LYV), and Spotify (SPOT) in the entertainment space.