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Shares of the streaming company have fallen more than 20 percent over the past year as subscriber growth lags expectations. But it trades at nearly 300 times price-to-earnings ratio. Meanwhile, rival Amazon has vowed to double its video content spend and competitor Hulu has shifted its strategy.
That, in the words of Dana Brunetti, president of Relativity Media, means Netflix's home turf is "really going to get crowded."
While Brunetti still thinks there is "some room to make some money ... [Netflix] is getting a bit overvalued. And I'm also talking about people that I work with, so I got to be careful."
A former stockbroker and producer of award-winning films like "The Social Network," Brunetti has a reputation as an oracle on the intersection of technology and entertainment. His prediction for shorting Netflix came as earnings pushed the stock down as much as 15 percent in a night.
With Silicon Valley and Hollywood growing ever closer, Brunetti said anyone from Google to Snapchat could dominate entertainment's next inning. He's particularly interested in virtual reality.
"It's not between Netflix and Amazon anymore — it's the dark horse we haven't seen yet, " Brunetti said. "That's what's really going to change the game."
Naturally, Brunetti was quick to respond when asked what companies he is long and short on.
"I'm long right now on CBS, even [with] the craziness that's happening with that," Brunetti said.
Industry watchers have floated CBS for a potential tie-up with former parent company Viacom. It comes as Viacom CEO Philippe Dauman and majority stakeholder Sumner Redstone over the Viacom media empire.
However, Brunetti was more optimistic about fixing Yahoo, which has struggled to stay relevant against competitors like Facebook and Google. He suggested the company just needs to "blaze new paths." (Brunetti's comments came before Yahoo agreed to be purchased by Verizon in late July.)
"Our industry is an industry of a lot of dinosaurs, unfortunately," Brunetti said. "You have to adapt or die."
— CNBC's Richard Washington contributed to this report.