In a shocking twist after a months long bidding war, Paramount has emerged as the apparent victor in the fight to acquire Warner Bros Discovery.

The Netflix merger raises fewer concerns because Netflix does not own a major theatrical studio, and competition in streaming and TV viewing will remain strong even if Netflix and HBO Max share common...

Paramount Skydance’s offer of $31 a share values WBD at roughly $77 billion and includes the Warner Bros. film studio, the HBO Max streaming platform and a portfolio of cable channels, including CNN.