It has been a busy week for the streaming industry. On Friday, it seemed as if Netflix was on the cusp of becoming an unassailable streaming superpower with the news that it would buy Warner Bros. for $82.

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.

Neil Druckmann thanks HBO and "Netflix or whoever our streaming overlords are now" at the Game Awards

Paramount sent a letter from CEO David Ellison addressed to Warner Bros. Discovery shareholders that 'clearly sets out why Paramount’s $30.00 per share all-cash offer to acquire all of WBD is superior to WBD’s transaction with Netflix.

Paramount continues to take its case to Warner Bros. Discovery shareholders after launching a hostile takeover offer to pry the company away from Netflix. “Dear Warner Bros. Discovery Shareholder,” Paramount CEO David Ellison wrote in an open letter published today,

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.

Even President Trump is concerned about this situation. But the answers aren’t obvious.

Warner Bros. Discovery's cable networks like CNN and TBS are not worth as much as the company's deal with Netflix implies, Paramount claims.