If you thought the drama on HBO’s “Succession” TV series was intense, the real-world streaming wars are in the midst of a far more consequential episode of boardroom intrigue. The latest plot twist? Paramount’s hostile takeover bid for Warner Bros. Discovery.

Let’s back up: On Dec. 5, Netflix announced a definitive agreement to acquire Warner Bros. – including its studios, HBO Max and HBO. But before the reeling market could catch its breath, Paramount launched a cash tender offer to claim all of Warner Bros. Discovery.

The stakes are high. Whichever media company, if any, ultimately secures all or part of Warner Bros. Discovery will end up controlling the calculus of the streaming wars – and the future of entertainment.

Netflix says its global reach and streaming expertise will create a stronger entertainment offering, expand creative opportunities, and give consumers more choice and value through a deeper content library. Ultimately, Netflix argues, this will drive shareholder........

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