How the Battle Over Warner Bros. Became a Blockbuster: QuickTake

Who ends up with the assets of Warner Bros. Discovery Inc., the owner of one of Hollywood’s largest and most venerable film studios, is likely to impact the entertainment industry for decades to come. On Dec. 5, the company announced that Netflix Inc., the world’s dominant streaming platform, had agreed to purchase its streaming and studio assets in a $82.7 billion deal, including debt. Three days later, Paramount Skydance Corp. launcheda hostile takeover bid for all of Warner Bros. The offer values the company at $108.4 billion in total. Either deal would require regulatory approval.

Why ...