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Niknam also posed questions about WarnerMedia, primarily concerning the division’s plans for a direct-to-consumer streaming service and whether it will require increased investment in content to compete with Amazon, Disney and Netflix.
“We are somewhat skeptical as to how this service will differentiate itself in a growing pool of DTC streaming services, especially with the launch date a year away. With that said, we also do not material a significant spike in content investment,” Niknam wrote.