If Paramount achieves victory in its hostile takeover bid, the addition of Warner Bros. Discovery to its portfolio would, in principle, lead to a stronger combined company, with HBO Max boosting its streaming segment while WBD's various television and cable outlets complement Paramount's networks, including its flagship CBS.

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.

After winning the award for best game adaptation for HBO series The Last of Us, Druckmann took to the stage to make his speech. In the clip, now posted on Twitter, the Naughty Dog Studio Head thanked the relevant studios before adding, "Do we need to thank Netflix or Paramount, or whoever our streaming overlord is now?"

A video spreading across platforms purports to show the Netflix logo painted over the historic water tower at Warner Bros. Studios as the streaming powerhouse seeks to buy the global media giant's film and television studios and streaming services amid a bidding war with Paramount.

In the corporate battle over parent company Warner Bros. Discovery, CNN's fate remains up for grabs. President Trump wants a say in what happens next.

The fight over the future of Warner Bros. Discovery is really a battle to decide who will control much of the news and entertainment Americans consume. So perhaps it is no surprise that President Donald Trump is wading straight into the middle of the fray between Netflix and Paramount Skydance.

Disney CEO Bob Iger strategically stepped in with some opinions of his own about Netflix and Paramount's battle to acquire Warner Bros.