Media colossus Netflix has reached an agreement with Warner Bros. Discovery to buy its studio and streaming businesses for nearly $83 billion.

Netflix's deal to buy Warner Brothers Discovery's storied movie studio and popular HBO streaming networks, is a real-life tale of a conquering giant.

Having fewer bidders generally means that fewer shows get made. Fewer visions means a narrower range of storytelling. Consolidation aligns decision making around one organization’s or one individual’s...