The Warner Bros. Drama Is About to Get Spicier: Chris Hughes

It was about time the resurgent deal boom threw up a really watchable hostile bid.

Just days after Hollywood studio Warner Bros. Discovery Inc. agreed to be bought by Netflix Inc., Paramount Skydance Corp. has made a $108 billion offer straight to the iconic Hollywood studio’s shareholders. The counterbid has many attractions. It puts Warner on the spot to explain precisely why it didn’t engage with the interloper, backed by the billionaire Ellison family, more assiduously when a friendly deal was being attempted.

Things were already getting ugly before Monday’s dramatic twist, with Paramount complaining to Warner last week ...