Netflix wins Warner Bros. Discovery for $82.7B; Paramount challenges deal.

• Netflix acquired Warner Bros. Discovery for $82.7 billion in a cash-and-stock deal, including debt.
• Netflix outbid competitors Paramount and Comcast, despite its previous aversion to large mergers.
• Paramount is challenging the acquisition process, alleging unfairness and considering legal action against Warner Bros.
• The acquisition aims to leverage Warner Bros.' extensive film and TV library (excluding cable networks) to boost Netflix's growth, reduce churn, and expand into new areas like theatrical releases and gaming.

Why It Matters: Netflix's $82.7B Warner Bros. deal reshapes the future of entertainment.