Warner Bros.

After Netflix agreed to buy Warner Bros.’ studio and streaming businesses in a deal widely reported at roughly $72 billion (with some outlets citing higher figures) that would exclude WBD’s cable networks and follow a planned spin‑off of CNN/TNT/TBS, industry groups and regulators signaled intense scrutiny and markets reacted with WBD shares rising while Netflix and rivals slipped. Paramount Skydance then launched a hostile $30‑per‑share tender for WBD (~$74.4 billion) — including the cable assets Netflix’s deal omits — saying its offer is about $18 billion higher, could avoid a lengthy multi‑jurisdictional review, expires Jan. 8, 2026 unless extended, briefly boosted WBD and Paramount shares, and raised the prospect of a CNN–CBS combination amid political scrutiny.