Paramount is taking its case to Warner Bros. Discovery shareholders after launching a hostile takeover offer to pry the company away from Netflix.

The hostile offer may outmuscle Netflix on price, but WBD’s decision hinges on competing futures: a clean reset under Paramount or a deeper strategic alignment with the world’s dominant streamer.

No, it’s not Netflix’s quest to acquire Warner Bros. Discovery. It’s Sumner Redstone’s long and painful struggle with Barry Diller to control Paramount three decades ago. The outcome reordered the media industry and created a new Hollywood dynasty.

Netflix or Paramount would each take a buyer out of the market for TV and film - potentially lowering wages and raising antitrust concerns.

President Donald Trump says he thinks it's "imperative that CNN be sold" and will weigh in on who buys its parent company, if necessary.

Netflix is chill.

A core argument of Paramount Skydance’s hostile takeover bid for Warner Bros. Discovery is this: WBD’s cable networks like CNN and TBS are not worth as much as the David Zaslav-led company’s deal with Netflix implies,