Inside Business stories reveal the inner workings of companies from Silicon Valley to Wall Street that are shaping our world today.

• Netflix defended its acquisition of Warner Bros. as a strategic and informed move.
• Co-CEO Greg Peters says past media mega-mergers failed due to a lack of industry expertise.
• Netflix emphasized its healthy business and confidence in understanding the entertainment industry.

Netflix defended its announced acquisition of Warner Bros. Discovery's studio and streaming business, saying it wouldn't be a failure like other media mega-mergers that have come before it.

"It's true. Historically, many of these mergers haven't worked. A lot of these failures were because the companies doing the a didn't understand the entertainment industry," Netflix co-CEO Greg Peters said, speaking during a call Friday with investors to discuss the deal. "These are key businesses we understand."

Another point he made was that while other M&A deals were about companies looking for a lifeline, Netflix isn't doing the deal to save its business.

"We have a healthy business," Peters said.

He didn't specify any past mergers, but notable tie-ups that have widely been considered failures were AT&T buying Time Warner in 2018 and the AOL-Time Warner combo in 2000.

The streaming giant is making the biggest acquisition in its history — and one of the largest ever in entertainment — announcing Friday that it had struck a deal to acquire Warner Bros. from WBD for an equity value of $72 billion.

• The International Wedding Photographer of the Year awards announced the winners of its 2025 contest.
• The winning photos featured poignant moments, stunning landscapes, and lively wedding celebrations.
• The overall winning photo showed a young boy gazing through a window at a wedding cake.

After the vows are exchanged and the dance floor clears, wedding photos help preserve the memories for years to come.

The annual International Wedding Photographer of the Year awards celebrate the best in wedding photography, honoring photographers who excelled at capturing poignant moments, stunning landscapes, and lively celebrations in 2025.

The IWPOTY judges evaluated 2,500 submissions from 568 photographers in 61 countries, naming winners in categories including Black and White, Dance Floor, Epic Location, and I Do Crew.

Take a look at the best wedding photos of the year.

Armen Hambardzumian won the Black and White category with a poignant photo of a bride's grandfather after the wedding ceremony.

"For me, wedding photography is about documenting the connections between generations — the emotions and memories that live on through time," Hambardzumian wrote.

The winning photo in the Break the Rules category was taken by Traci Edwards in the North Cascades.

"To me, this image is about Tammy and Eric being engulfed in the incredible mountain peaks of the North Cascades in the morning sunlight romantically in their own bubble of bliss, sharing their day together," Edwards wrote.

Oli Prince took the top prize in the Couple Portrait and Emerging Artist categories with a photo highlighting a bride and groom on a stormy mountainside.

"Under dark storm clouds in the Cuillin Mountains, Scotland, the couple held each other as the wind tore through the valley," Prince wrote. "Her veil was ripped into the air, twisting above them like part of the storm itself."

In the Dance Floor category, Jeff Tisman won with a creative angle.

"The dance floor was rocking at this point," Tisman wrote. "I lay the camera down low and captured the moves through the legs of another dancer."

Alessandro Biggi took the winning photo in the Epic Location category at San Pietro Church in Porto Venere, Italy.

"On a summer day, right after the intense passage of a storm, the sky opened to reveal a sublime, almost ethereal light that enveloped the scene in an atmosphere suspended between dream and reality," Biggi wrote. "The bride, wrapped in her elegant grace, stands silently before the infinite, seemingly captured by the poetry of the sea as it opens through the ancient columns — witnesses to countless stories, loves, and legends."

Tony Iskra's photo of an intimate Iceland elopement earned first place in the From Above category.

"Iceland's raw wilderness, black sand beaches, cliffs, waterfalls, and that quiet sense of awe were exactly how they envisioned their special day," Iskra wrote.

The winning photo in the I Do Crew category, taken by Moment Picture, showed a bride and her parents sharing a tender moment.

"Just before the ceremony, her parents asked for a quiet moment — a final act of love," a representative for Moment Picture wrote. "With trembling hands and full hearts, they placed the veil over their daughter, not just as a tradition, but as a sacred blessing. This veil, woven with grace and care, became a symbol of everything they wished for her: love, strength, protection, and peace."

Sammie and Micah Chaffin used vintage lanterns to create this cinematic shot of a bride and groom, winning first place in the Lit! category.

"During blue hour, the orange lantern light perfectly complemented the deep blues in the sky and ocean, as well as mirroring the orange in the last traces of the sunset," the Chaffins wrote.

Katy Homan took the winning photo in the Solo Portrait category of a bride leaping into the air.

"We want to capture not just what the day looked like, but what it felt like, too," Homan wrote.

The Engagement/Non-Wedding category winner, and the contest's overall Runner-Up, was taken by Maddie Mae during a Utah engagement shoot.

"To create this image, we woke long before sunrise and drove a serious 4×4 road in complete darkness with an experienced guide," Mae wrote. "From there, we hiked by headlamp to reach this massive sand dune in a cave before anyone else arrived. I knew the perfect light hits the back wall only at sunrise, so the timing was critical, and it was more than worth the effort."

David Scholes was named Grand Winner of the contest with a whimsical photo of a young wedding guest admiring the towering cake.

As the boy ran back and forth outside the reception hall, Scholes caught the split second when he paused to look at the cake.

"I don't stop working at weddings, and even when there doesn't seem to be much happening, I will still look for something interesting that can be part of the story," Scholes wrote.

• Netflix agreed to purchase Warner Bros. in a $72 billion deal.
• Netflix will buy HBO Max and the Warner Bros. studio, but not WBD's TV networks like CNN and TNT.
• Here is the memo Warner Bros. Discovery CEO David Zaslav sent to employees.

Netflix is buying Warner Bros. Discovery's studio and streaming businesses in a seismic $72 billion deal that promises to shake up Hollywood.

The Netflix-WBD tie-up, which the companies announced on Friday morning, would be the industry's largest since Disney bought 21st Century Fox for $71 billion in 2019. Netflix is planning to buy HBO Max and the top-performing Warner Bros. studio, but not WBD's TV networks like CNN, TNT, and TBS.

Netflix must first secure regulatory approval from the US and foreign governments, which some media analysts say could be a challenge. If all goes as planned, the deal is set to close in 12 to 18 months, the companies said.

Netflix beat out Paramount Skydance and Comcast in a bidding war.

Since Netflix is only buying the Warner Bros. studio and HBO Max, the remaining TV assets that are seen as less valuable will be spun out, as WBD originally planned. WBD was formed in April 2022 after a merger between AT&T's WarnerMedia and Discovery.

"In the coming days, we will establish an Integration Office, which will coordinate all planning with Netflix, consistent with regulatory requirements," WBD CEO David Zaslav wrote in a note to employees on Friday. "Until the transaction closes, WBD and Netflix remain separate companies. It may be tempting to reach out directly to counterparts or former colleagues at Netflix, but it is essential that all interactions are managed through this office to ensure we meet every legal and regulatory obligation."

Here's the full memo that Zaslav sent employees on Friday morning:

This communication has been sent to everyone at WBD.

Team,

The Board of Directors of Warner Bros. Discovery (WBD) approved a transaction under which Warner Bros. will be acquired by Netflix, subject to regulatory approvals and closing conditions, including the completion of the separation of Discovery Global from WBD.

As part of the structure, the Global Networks business will form a new standalone company, Discovery Global, with Gunnar Wiedenfels to serve as CEO once the new company separates from WBD, now expected to be completed in Q3 2026.

This decision reflects the realities of an industry undergoing generational change – in how stories are financed, produced, distributed, and discovered – and recognizes the strong, transformed company we are today, the significant value we have created, and the resilience and attractiveness that now position us in a rapidly evolving marketplace. Over the past several months, the Board evaluated a full set of strategic paths. Their conclusion is that this structure – Warner Bros. joining Netflix, and Discovery Global becoming a focused standalone company – provides the strongest long-term foundation for both sets of businesses.

As outlined in the announcement, the proposed combination of Warner Bros. and Netflix reflects complementary strengths, more choice and value for consumers, a stronger entertainment industry, increased opportunity for creative talent, and long-term value creation for shareholders.

I know this announcement creates many questions about what's next. For some, it brings clarity about direction. For others, it raises questions about what this means for their teams and their work. All of those reactions are understandable. A transaction of this nature naturally creates uncertainty, and not all answers will be available immediately. Some will be clarified in the coming days and weeks; others depend on regulatory processes and on work that cannot begin until separation or closing.

People across WBD have navigated extraordinary change over the last three years, while building a company with real creative, journalistic, and commercial strength. That deserves to be acknowledged plainly.

What we can say now, based on the direction set out today, is that this structure provides a clearer path forward for Warner Bros. within Netflix, and for Discovery Global as a standalone company. For both, the goal is to position their creative work, talent, and brands to navigate a market that is constantly evolving and increasingly global.

What happens now

Later today, we will hold a Global Town Hall to walk through what we know and what is still to be determined. Calendar invites will follow shortly after this email.

Business Unit leaders will hold discussions specific to their areas in the coming days, so you can hear directly from your leader.

Managers will also come together early next week so they have the context and support they need to guide their teams through the early stages of this transition.

What happens next

The path toward a separation of WBD into Warner Bros. and Discovery Global will shift. We will redirect work tied to the earlier, planned two-company operating model and focus instead on the steps required to enable this transaction.

In the coming days, we will establish an Integration Office, which will coordinate all planning with Netflix, consistent with regulatory requirements. Until the transaction closes, WBD and Netflix remain separate companies. It may be tempting to reach out directly to counterparts or former colleagues at Netflix, but it is essential that all interactions are managed through this office to ensure we meet every legal and regulatory obligation.

What this means for you

We also recognize that many people are looking for more clarity about what to focus on, how to prioritize work, and what this means for their teams. Those details will become clearer over the next several weeks, as we move toward our 2026 goal-setting and operating plan alignment processes.

As part of that, you will hear guidance from your Business Unit and functional leaders early in the new year, with expectations and priorities anchored to what we know at that point in the regulatory process.

In the meantime, please continue to focus on the work needed to wrap up 2025, support year-end deliverables, and take the opportunity to rest and recharge over the holidays.

We will continue to communicate regularly, and new information will be shared in One Insider and on the One website. And we will see you later today at the Global Town Hall.

As we move through this next chapter, our aim is simple: handle decisions with care, communicate clearly about what we know, and make sure people have the information and support they need at each step.

I know moments like this carry weight. And they can also mark the beginning of new possibilities. The work you bring to this company – and the way you have shown up for one another – has built something that others clearly see value in. That matters. And while I cannot predict every step ahead, I am confident in the strength of our brands, in the talent of our teams, and in the stories, journalism, and experiences we will continue to bring to audiences around the world.

David

• I stayed in a cylindrical tiny home hotel in Germany during a European train trip in 2022.
• The 106-square-foot home made smarter use of space than any tiny home I've seen in the US.
• The European tiny home was two stories and less than half the size of the US tiny homes I've booked.

As a New Yorker who's rented several cramped apartments over the years, tiny homes are my inspiration.

Making the most of a minimal square footage requires some creativity. So when I travel, I often book compact accommodations to discover new space-saving hacks that might help me make the most of my own little dwelling.

From Florida and Maryland to Canada and Switzerland, I've stayed in several tiny Airbnbs around the world.

None of those homes utilized indoor space as efficiently as this tiny home hotel in Germany, which I found on Airbnb back in 2022.

I was looking for tiny stays in Germany when I found one with a unique, cylindrical shape that packed a lot inside, so I booked it for two nights for $140.

The Airbnb was part of a tiny home hotel in Neustrelitz, Germany, called Slube. The company designs minimal concrete "Slubes" for up to two people.

There are three types of Slubes: a one-story Basic, a two-story Home, and a Tower, which is two stories with a rooftop terrace. I booked a Home Slube.

It was less than half the size of any tiny home I'd stayed in before.

The 16-foot-tall tiny home with two floors was 106 square feet.

I checked in with a code sent to my phone rather than a physical key.

When I arrived by train from the airport in Berlin, I didn't see any employees at the tiny home hotel.

At first, I was confused, but then I checked my email. A message from Slube informed me I'd be staying in room five and could check in by myself.

Inside, the 53-square-foot bottom level had a bathroom on the right, a sitting area on the left, and a ladder to the second floor.

The sitting area had a foldout table that I could push against the wall to save space.

Across from a foldout table was a bench with two seat cushions instead of a couch.

There was enough space for me to store luggage beneath the benches.

This tiny home utilized more vertical space than those I've seen in the US.

There were hooks and storage cubbies above the bench, so I stored all my clothing and toiletries on the first floor.

I was impressed by the amenities packed into such a small room.

In the back right corner of the sitting area, there was a nook of built-in shelves storing a small coffee machine, a hair dryer, and a few dishes.

The bathroom had an efficient layout.

There was a curtain separating the shower head and sink from the toilet and storage space.

Even with two windows, I felt I had enough privacy.

The first-floor windows had a film over most of the glass, which allowed me to let natural light in without sacrificing my privacy.

After checking out the first level, I headed up the ladder to the second-floor bedroom.

I thought it was easy to climb, but it could be challenging for some.

There was a latched gate at the top of the ladder, which I imagine was built to keep people safe from falling.

Knowing I was securely fastened into the bed area made sleeping easier.

The bedroom was the same size as the living space and bathroom combined — 53 square feet.

The floor space was covered by a comfy, full-size bed. The pillows had the ideal ratio of fluff to firmness for my neck and head.

Above the bed was a mounted TV equipped with Netflix and other streaming services.

Before bed, I watched some of my favorite shows.

I used the lower platform on the far side of the bed as a nightstand.

It had easily accessible outlets, a pocket for the TV remote, and more space for my electronics and water bottle.

Above the bed, a large window opened so I could let the breeze into my room.

It had a blackout curtain for privacy and early morning light.

The Slube also had smart electricity that made my stay feel a tad luxurious.

I controlled the lights and temperature of each story from my phone.

I found it fascinating that this tiny home truly left no space unused, from the loft bed to the wall cubbies.

I can't stick a second story into my own rental, but the European tiny home still gave me inspiration for how I could make better use of my space, starting with vertical storage hacks.

• Multigenerational households are rising in popularity as families look for savings and caregiving support.
• Architects report in-law suites and multigenerational housing are popular demands from homeowners.
• The number of people living in multigenerational households has quadrupled since 1971.

Living with your parents isn't always the first option, but for Lindsey Gregory, it made the most sense. Not only are Gregory, her husband, their daughter, and her in-laws living under one roof, they bought a home together.

While some people view living with their parents as a last resort or a safety net, Gregory saw it as an opportunity to strengthen her family.

"For us, living this way was a choice," Gregory wrote in an essay for Business Insider. "No one was ill or unemployed. But when there has been a job loss or expensive home repairs are needed, we've been able to stay afloat."

Gregory is far from alone in choosing a multigenerational living arrangement. An American Institute of Architects (AIA) survey of more than 300 residential architecture firms found that in the third quarter of 2025, one of the most popular categories of home features was in-law suites and junior accessory dwelling units (ADUs).

Forty-six percent of respondents said that in-law suites and junior ADUs were increasing in popularity from the previous year — the largest percentage increase among the surveyed home features, which also included outdoor living space and multi-function rooms.

It's a trend that's been rising for years. A 2022 report from the Pew Research Center found that the number of people living in multigenerational households has quadrupled since 1971, reaching 59.7 million in March 2021. As of the report's publication, 18% of the US population was living in a multigenerational household.

While the Pew study noted that lower-income households are more likely to opt for multigenerational living, that's not always the case.

Content creator Lexi Poer spent $350,000 building a home for her mother that's connected to her and her husband's home in Roswell, Georgia.

"She very much wanted to make sure that she had all of the things she needed to live independently in her space, like somewhere to park her car and enter her home without having to come through our house, access to the outdoor space without having to enter our house, her own laundry room, her own kitchen," Poer told Business Insider in April.

Saving money isn't the only benefit of multigenerational living

The common assumption is that those who choose to live in multigenerational households are doing so to save money — which isn't far off, as 40% of those surveyed by Pew cited "financial issues" as their reason for multigenerational living.

But the leap into multigenerational living also often has caregiving benefits for both children and adults. Thirty-three percent of survey respondents said caregiving was a major reason for living with family members.

For Shawn Lentz, it was a bit of both. In 2024, he sold his house and bought a small manufactured home to place on his in-laws' 5-acre property so he could live there mortgage-free with his wife and teenage son.

"This wasn't some dreamy escape into the minimalist #vanlife trend," Lentz wrote in an essay for Business Insider. "In reality, we were desperate to be free from a mortgage, and we wanted to live closer to my in-laws so we could assist them as they age."

Genevieve Dahl, whose mother-in-law moved in with her, her husband, and their two children, said she benefits from having an extra adult around to help with daily responsibilities.

"Four months later, it's the best decision we've ever made," Dahl wrote in an essay for Business Insider. "My kids now have a full cheering section at their games. The house is spotless (she actually loves to clean). When we work late, dinner is waiting for us. She even bakes and freezes protein muffins so I don't skip breakfast."

For Brandi Spering, buying a house with her in-laws was a better option than moving them to a nursing home.

"While we weren't expecting the next chapter of our lives to look like this, we couldn't ignore how we would benefit: being surrounded by family, combining our incomes, having a chance to invest in property, and splitting the mortgage," Spering wrote in an essay for Business Insider.

According to the Pew survey, 30% of adults living in multigenerational households say the experience has been very positive, and 58% say it's convenient, while 54% say it's rewarding all or most of the time.

"There will always be a standard I hold, a responsibility I feel, and pride myself on; deciding to move in together means helping care for them," Spering wrote. "While I need to be diligent to step in whenever necessary, it doesn't mean it has to be without boundaries, for us all."

• Goldman Sachs' US equity chief shared advice for Gen Z entering the workplace.
• He said these workers should understand how their role fits into the firm's commercial engine.
• If you understand your role and how it contributes to the business, you can see how both evolve over time, he said.

For Gen Z starting out their careers, Goldman Sachs' US equity chief has one key tip: figure out how you fit into the company machine.

David Kostin, the firm's longtime partner and chief US equity strategist, who will be retiring this year, shared his advice for young workers in his final appearance on "Goldman Sachs Exchanges" this week.

"Think about one's role and how that fits into the broader business environment," he said.

"If you understand where you sit and your contributions to the commercial process, then you can see how that changes over time," he added.

Kostin, who joined Goldman in 1994, credits decades of conversations with hedge funds, sovereign wealth funds, and pension giants for shaping his own way of thinking.

His advice to juniors reflects the same idea: technical skills matter, but judgment comes from a deep understanding of clients, markets, and how your work influences both.

Focus on tasks, not titles

Gen Z is entering the workforce at a challenging time. AI is disrupting the traditional pathways into white-collar work, and experts say young employees must adapt in different ways.

James Ransom, a research fellow at University College London, told Business Insider last month that Gen Z should stop chasing job titles and instead zero in on the tasks AI still struggles with — judgment, oversight, leadership, and persuasion.

In his view, the standout young workers will be those who can supervise and scale AI while demonstrating real, measurable impact.

Wharton professor Ethan Mollick, one of the most influential voices in the AI revolution, took that thinking a step further.

Because AI evolves so quickly, he said last month, many AI skills become obsolete almost as soon as workers learn them.

Instead, young job seekers should focus on what tasks they are uniquely good at, and let AI handle the parts they struggle with.

He called this "task distribution," saying that success now depends on being able to judge AI's output, give clear instructions, and pair deep topic expertise with broad knowledge — including in the humanities.

Quentin Nason, a 35-year finance veteran and former managing director of investment banking, offered a more structural warning.

With the first rung of the career ladder collapsing as graduate schemes shrink, he said in October that young people should look beyond traditional finance hubs to the next wave of automation, robotics, blockchain, and drones.

"Rather than chasing yesterday's jobs, chase tomorrow's," he said.

• Netflix is buying Warner Bros., adding HBO and major franchises like "Harry Potter" to its content slate.
• Netflix said the deal has a total enterprise value of $82.7 billion, its biggest ever acquisition.
• The deal boosts Netflix's studio power, expanding its production capacity and theatrical output.

Netflix is making the biggest acquisition in its history — and one of the largest ever in entertainment — announcing Friday that it has struck a deal to acquire Warner Bros. from Warner Bros. Discovery (WBD) for an enterprise value of $82.7 billion.

The cash-and-stock deal will bring together Netflix's world-dominant streaming platform with Warner Bros.' century-old studio, HBO, HBO Max, and some of the most iconic franchises in film and television—from "Harry Potter" and "Game of Thrones" to "Casablanca," "The Big Bang Theory," and the entire DC Universe.

The acquisition is expected to close after WBD spins off its Global Networks division into a separate publicly traded company, Discovery Global, a process expected to happen in the third quarter of 2026.

This is a breaking story. Please check back for updates.

• My dad died 15 months ago, and it still makes no sense to me.
• Nothing has really eased the grief.
• However, picking up one of his hobbies — painting — has helped me feel closer to him.

It's been 15 months since my dad, out with friends for a normal Sunday cycle, never came home. This can't be an essay detailing how I've overcome my grief — I haven't. This also won't be an essay that helps make sense of the senselessness of losing someone decades before they should have gone. It still makes no sense to me. Instead, I'll write about art. My dad's art. And mine, new though it is.

My dad was (the past tense still prompts a little spasm in my fingers, the temptation to hit 'backspace' and replace it with 'is') a doctor. He had thousands of patients who adored him, but his work was just a single facet of everything he did. He was an astronomer. A kite-surfer. A chess genius. And an artist. One day, my dad picked up a paintbrush and started teaching himself art, using a bit of YouTube and a lot of trial and error.

His work ended up on show in art galleries. He sold prints of his art. Anything was on the table for him: landscapes, historic monuments, people, animals…he dabbled in it all. When I'd come by for a visit, I'd spy his latest work in progress on the dining room table. It never occurred to me to ask him to teach me. I was useless at art and hadn't held a brush since my junior high teacher told me I had lots of passion but little ability.

Something shifted, and I wanted to create art, too

The desire to learn about art started with hoarding my dad's paintings. He had a stack of hundreds of them. My mom and I sat together, choosing our favorites to frame in our homes. I chose his painting of Eilean Donan in Scotland and the Colosseum in Rome, two places I loved visiting. I also chose a beachscape with two silhouette figures that reminded me of my dad and me.

I sat and stared at them for months. Each painting was a slice of time from my dad's life. His hands held each page. His brushstrokes made each mark. His eyes chose each color. I've always kept a mental list of the things that need to be snatched from my home if there's a fire. Dad's paintings are now top of that list.

Two months ago, I saw an ad for a watercolor painting workshop near me. 'Beginners Welcome.' I went alone and spent three hours painting a dahlia. I found another workshop across town a few weeks later and painted a Tuscan house among poppies. I then found a two-day oil painting workshop and went to that, too, enjoying the challenge of a different medium.

My new hobby has helped me feel more connected to my dad

Usually, when I pick up a hobby, I demand immediate excellence or abandon it. Painting is different. I'm learning slowly. I'm using the expertise of others, in person where possible and online when not. I'm making mistakes, but I'm making them holding my dad's brushes (the salvageable ones — he wasn't particularly diligent when it came to washing them).

I read that losing a parent is a sense of homesickness that never goes away. It's the best description of grief that I've found. Picking up my dad's hobby creates a tiny tether to him. It doesn't remove the homesickness. It doesn't ease the grief — if anything, it agitates it, swirling it around like cleaning a paintbrush in water.

But sometimes that's exactly what I want. I want to sit in the grief. I hold his brushes, I listen to his playlist, and I do the thing he loved doing, aware that I'll never have the privilege of doing it beside him. In doing so, his hand guides mine. Together, we make art.

• The European Union has hit Elon Musk's X with a $140 million fine.
• The bloc said the social media platform's blue checkmark system exposes users to scams.
• Musk received support from US Vice President JD Vance, who warned the EU to stop "attacking American companies."

Elon Musk is set for another battle with the European Union after the bloc fined his social media site X.

The EU said on Friday it had issued a fine of €120 million ($140 million) to X over a number of violations, including the "deceptive design" of the site's blue checkmarks.

X did not respond to a request for comment.

Earlier on Friday, Musk reposted an X post from US Vice President JD Vance, who warned the EU against fining Musk's company and said the bloc should avoid "attacking American companies over garbage."

This is a developing story. Check back for further updates.