For now, the outcome remains highly uncertain. Any acquisition of Warner Bros. Discovery would likely be reviewed by the Trump administration, which could move to block a proposed merger over anti-monopoly concerns, according to antitrust experts from Vanderbilt University, the University of Tennessee and the Cardozo Law School.

As Netflix and Paramount fight for Warner Bros. Discovery, the fate of the giant media company could rest on the value of its cable networks.

NEW YORK (AP) — Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.

Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

Netflix announced on Dec. 5 that it has agreed to buy Warner Bros. Discovery in a nearly $83 billion deal that includes the film and TV studio assets of Warner Bros., plus HBO Max and HBO. Warner Bros. plans to spin off its cable networks business to shareholders before the deal closes. Netflix expects the deal to close in 12 to 18 months.

Netflix has a deal in place to buy Warner Bros. Discovery’s studio and streaming assets, including HBO/HBO Max, but regulatory hurdles loom.  Param

Saturday Night Live” opened this week’s episode with Donald Trump commenting on the battle to buy Warner Bros. Discovery - by asking why anyone would even want to buy the studio: “They’ve got one of the worst studio lot tours in LA,