The co-CEOs of Netflix telling investors yesterday, they're, quote, super confident the deal with Warner Brothers Discovery will close, citing market share against streamers as a key reason.

Our Deirdre Du Boas is digging into that for today's tech check. This is a little complex but important to understand, Dee.

It is. So you're right, Carl.

Regulators, they're going to fixate on the giant that Netflix and Warner Brothers would create.

But the real outlier is YouTube, and it may actually be Netflix's best shot at getting a deal through.

Regulators, they work off of a narrower definition of the market, premium scripted content.

So that's movies, series, studios, sports rights.

And under that framework, Netflix and WBD, they look like two of the biggest players merging into one.

Now, YouTube doesn't show up in that analysis because it's user-generated video.

That's considered a different product category.

But measured by Nielsen, YouTube is the single biggest TV distributor in the country.

And that gap between regulatory definition and actual viewing behavior, that's exactly what

Netflix is trying to exploit here. Here's the co-CEO, Greg Peters, at the UBS conference yesterday

on what happens to the market if they were to get HBO.

We go from 8% of view hours today in the United States to 9%.

So we're still behind YouTube at 13%.

And potentially worth noting that we would be behind what would be if Paramount combined with WBD,

them at 14%.

So we think that there's a really strong fundamentals-based case here for why regulators

should approve this deal.

So that's the crux of the Netflix argument.

If the biggest distributor in TV is already YouTube, then combining with WBD, it doesn't

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