Since Netflix's deal was confirmed last Friday (December 5), Paramount has since launched a cash bid of $100 billion, with the studio stating that Warner Bros. Discovery "never engaged meaningfully" with their previous attempts to negotiate a deal.

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Cinema owners oppose a megadeal that would see one of the last Hollywood legacy studios snapped up only five years after the demise of 20th Century Fox: "We have fixed costs."

Paramount's bid to acquire Warner Bros. over Netflix has turned hostile as the company aims to acquire a higher stake in television.

Gregory Orr, the grandson of Warner Bros. founder Jack Warner, expresses concerns over the studio's Netflix sale

Who ends up with the assets of Warner Bros. Discovery Inc., the owner of one of Hollywood’s largest and most venerable film studios, is likely to impact the entertainment industry for decades to come.

Should Paramount succeed in acquiring Warner Bros, the combined studio will release more than 30 theatrical titles a year. This was Paramount CEO David Ellison’s promise during a phone presser following news of the conglom’s hostile takeover bid for Warner Bros Discovery.

If Netflix’s deal to purchase Warner Bros. goes through, the streamer would likely become the biggest owner of entertainment space in Los Angeles.