Iran is not only resisting, it can mess things up

In just four days of fighting, they have launched hundreds of missiles and drones over several Gulf countries, the Strait of Hormuz has seen paralyzed the transit of a fifth of the world’s oil and gas prices in Europe they have been shot about 50% in a matter of hours. What began as an offensive aimed to quickly neutralize A concrete threat has become a crisis that already affects markets, embassies and military bases throughout the region. It had to be “surgical”. The joint offensive of the United States and Israel was born with an “official” goal: Neutralize the Iranian missile program and dismantle its response capability before it could reorganize. It was assumed that the initial attacks, directed against hardened installations and command centers, would leave Tehran disoriented and with little room to react. However, four days later, the reality is another. Iran has not only continued launching ballistic missiles, but has shown that its military structure I was prepared to absorb decapitations and continue operating. The war has not ended in an initial phase of incontestable air supremacy. The mystery of the arsenal. Washington recognizes that completely eliminating Iranian ballistic missiles is extremely complex. Part of the production is undergroundfortified, and the systems can be disassembled, transported and reassembled. Israel claims to have destroyed hundreds of shuttles, but the shooting continues. The question is no longer where they are, but how many are left. The historical precedent of hunting of Scud in 1991which barely achieved verifiable results despite a massive air campaign, weighs as a warning. Because damage assessment from the air rarely offers absolute certainty. The decentralization that avoided the collapse. I was counting this morning the Financial Times that, after the death of the supreme leader and senior commanders in the first bombings, the Iranian response did not stop, accelerated. Command was previously decentralized to prevent the elimination of key figures from paralyzing the operational chain. The middle I remembered that the units now act with general guidelines already established. This explains the speed with which the attacks began against US bases, energy infrastructure and targets in the Gulf. It does not seem like improvisation, but execution of a designed plan for a long war. Iran’s key naval base in Strait of Hormuz set on fire in attacks Saturation, wear and western cost. American and allied defenses are being tested in an unprecedented scale. Low-cost drones, ballistic missiles short and medium range and electronic warfare capabilities are forcing Patriot and THAAD systems to be deployed on multiple fronts simultaneously. We talk about the embassy protectionbases and energy assets that encompass an immense space. Even when interceptors work, the economic cost is disproportionate: because shooting down a drone can cost several times more than manufacturing it. In addition, the chaos in the sky has caused fire incidents friend and low. In short, the feeling of absolute control, if there was one at any time before the attack, has been eroded. The Gulf as a field of economic pressure. Because Iran has gone beyond direct confrontation with Israel and the United States. It has hit energy facilities in Qatar and Saudi Arabiahas tense traffic until it closes a few hours ago through the Strait of Hormuz and has sent gas and oil prices skyrocketing. The Eurozone, in fact, already fears a severe inflationary spike if the conflict continues. The message in this scenario is clear: war is not limited to the exchange of projectiles, it is also fought in the markets. Global economic stability is part of the battlefield. Displacing the neighbors. The Gulf States, which had attempted to maintain cautious neutrality, now find themselves under direct fire. Hundreds of missiles and drones have been detected and intercepted over the Emirates and other countries, which are preparing to counterattack. The scale and speed of the attacks have surprised even those who expected retaliation. The regional outrage growsbut also the bewilderment at the unexpected magnitude of the Iranian response. Tehran, in short, is demonstrating the ability to strike broadly and sustainably. The idea that no one contemplated. So, four days after the start of the offensive, an uncomfortable realization is imposed in Washington and Jerusalem: Iran is not collapsing, far from it. Has not exhausted its launch capacity nor his will to climband your bet combines volume, dispersion and structural resistance. Hence the unknown about the actual size of its arsenal remains open, and as long as that question does not have a definitive answer, each missile intercepted is not a strategic victory, but rather a most uncertain extension. The campaign that was to quickly neutralize the threat thus faces a scenario that did not appear in the initial calculations: Iran not only resists, has margin to expand the conflict and turn it into something much more unstable and explosive than anyone had anticipated. Image | ESA, Hossein Velayati, Planet Labs In Xataka | Europe has opened its doors to the US to attack Iran. Except Spain, which had an ace up its sleeve: a Cold War signature In Xataka | The arrival of the B-2s to Iran can only mean one thing: the search for the greatest threat to the United States has begun

All the unanswered questions left by Netflix’s purchase of Warner: a huge mess

After a few weeks of three-way negotiations, it is finally Netflix that has won, with $82.7 billion ahead, take over Warner Bros.. Which includes, of course, HBO Max, but also the entire production arm of the veteran company, one of the few majors classics that remain in Hollywood. However, the purchase is of such importance that a multitude of questions arise, many of them still unanswered. This is everything we know (and don’t know) about this absolute revolution in the world of streaming. What we do know. Netflix and Warner Bros. Discovery have announced an agreement that radically transforms the entertainment industry. The operation, which is expected to close between the end of 2026 and the beginning of 2027, unites the streaming giant and its more than 300 million subscribers with one of Hollywood’s most legendary film studios, founded more than a century ago. For now, Netflix must wait for CNN and Discovery to finish separating from what was their parent company. And now, the doubts. What will happen to Warner’s classic IPs and franchises? Netflix takes over a trove of intellectual property that includes the DC universe‘harry potter‘, ‘game of thrones‘, Looney Tunes, Scooby-Doo and the distribution rights to franchises such as ‘Dune‘ or the Monsterverse. It also acquires film classics such as ‘The Wizard of Oz’, ‘Casablanca’ and ‘Citizen Kane’, as well as emblematic HBO series such as ‘The Sopranos’, ‘The Wire’ and others close to the platform such as ‘Friends’. Netflix will most likely keep these franchises active and continue them. The company has stated in its statement that these IPs will allow “creating greater value for talent, offering more opportunities to work with successful intellectual property.” The big advantage for consumers is certainty: One of the fiercest criticisms of Warner Bros. Discovery under David Zaslav was the removal of content from HBO Max for tax reasons. Netflix has opposite incentives. Who knows…and if we get to see ‘Batgirl’? What has Netflix not bought and what Warner divisions and businesses are not included in the purchase? The deal completely excludes Warner Bros. Discovery’s global networks division, which will be spun off into a new company called Discovery Global. This spin-off has been planned since June 2025 and will be completed in the third quarter of 2026, before Netflix can close the acquisition, and includes assets such as CNN, TNT Sports in the United States, all Discovery channels (Discovery Channel, HGTV, Food Network, TBS, TruTV), the main free-to-air television channels in Europe, the Discovery+ streaming platform and Bleacher Report. This split makes strategic sense: Netflix has never shown interest in the traditional linear channel business, which is in structural decline. In fact, revenue from Warner Bros.’ cable television division. fell 23% in the last reported quarter. Netflix stays with what really interests it: production studios, content libraries and HBO Max. Are HBO Max prices going to rise? The most immediate answer is that most likely yes, although not immediately. Netflix has a documented history of regular increases: Since 2017, the platform has raised its rates by approx. every 18 months. The most recent one occurred in January 2025. However, the arrival of HBO Max changes the equation. When Disney acquired Fox in 2019 for 71 billion, Disney+ increased its price by 129% between 2019 and 2025. We must not be naive: with 302 million global subscribers after acquiring the 128 million of HBO Max, Netflix would exceed 420 million, a huge base where small increases will generate billions of dollars in additional income. Our bet: a single premium price between 20 and 25 dollars/euros per month by 2027, when the deal is underway. What does Netflix get apart from the catalog? Beyond content libraries, Netflix acquires monumental physical and operational infrastructure. You get the historic Warner Bros. Studios in Burbank, California, a production facility that has been operational since the 1920s and includes multiple sets and top-of-the-line technical equipment. The company has emphasized that this will allow them to “significantly expand American production capacity.” Perhaps most transformative is the global theatrical distribution apparatus. Warner Bros. has deals with networks around the world, a network that Netflix has never fully developed. Netflix will inherit “a global distribution apparatus” which includes contracts, commercial relationships and an army of professionals: human teams made up of executives and creatives with decades of experience. Will you take advantage of it? Netflix has promised maintain “Warner Bros.’ current operations, including theatrical releases for films,” but frankly, and seeing Netflix’s relationship with theaters in recent years, there is reasonable room for skepticism. How is Netflix’s presence on HBO going to be creatively noticed? Speculative territory, but we can reason from the corporate cultures of each platform. HBO built its reputation through a creative process where pre-production is vital, with constant rewrites and only the best series receiving the green light. A meticulousness that has historically paid off, for example, at the Emmys. Netflix is ​​just the opposite: it renews and cancels without stopping, trying many things and sticking with what works. Possibly we will see a hybridization where HBO maintains its distinctive seal of quality, less fast food than Netflix, but accelerating production rates. As a curious note, in the presentation in London to which We attended just a couple of days ago The current CEO of HBO, Casey Bloys, highlighted the differences in creative approaches with Netflix as one of its strengths. Maybe everything will change from now on. What legal problems may arise for the purchase? The regulatory hurdles are substantial. The combined entity would exceed 420 million global subscribers, giving it more than 30% of the streaming market, a threshold traditionally considered problematic in US antitrust law. Republican Representative Darrell Issa warned this month that Netflix already possesses “unmatched market power” and that adding HBO Max “could result in harm to consumers.” Senator Mike Lee was more forceful, declaring in X that this transaction “raises serious competition issues, perhaps more so than any transaction I have seen in a decade.” Netflix … Read more

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