Everyone’s debating synergies, churn, and the “ticking fee.” They’re missing the real story. This isn’t about streaming scale. It’s about training data dominance.

Three major partnership deals, each between a major streamer and a commercial broadcaster, have shaken up the European market. Bernd Riefler unpacks in the latest Marconi.

Mergers tend to stifle innovation, but this one may open up some unexpected opportunity. Meanwhile, WBD pulls out an end-of-year victory (of sorts) thanks to the Philly kids.