After walking away from a high-stakes acquisition of Warner Bros. Discovery (WBD +0.27%), Netflix (NFLX +0.13%) has pivoted back to organic growth, focusing on high-margin advertising and live events. With global memberships surpassing 300 million, Netflix is no longer just a tech play; it's a diversified media powerhouse. And after the drop in shares following the WBD bid and subsequent breakup, this may be a great value for investors today. I dig into the reasons to buy and why investors may want to choose caution.