This morning, Paramount Skydance launched a $77.9 billion hostile takeover offer for Warner Bros. Discovery. It occurred just days after Warner had agreed to a $72 billion deal with Netflix. WSJ’s Joe Flint reports on the twists and turns of the battle to control Warner and, if Netflix succeeds, how it would change Hollywood. Ryan Knutson hosts.

Further Listening:

- Will Paramount Settle With Trump?

- She Swore Off Legacy Media. Now She's Running CBS News.

Sign up for WSJ’s free What’s News newsletter.

Learn more about your ad choices. Visit megaphone.fm/adchoices