If the deal goes through, an algorithm-powered streaming titan would gobble up a 102-year-old movie studio synonymous with the romance of old Hollywood.

Warner Bros.’ latest M&A deal is different than the ill-fated AOL-Time Warner merger, but it’s not without precedent.

Paramount Skydance launched a hostile bid worth $108.4 billion for Warner Bros Discovery , challenging a rival offer from Netflix and injecting uncertainty into the future of Hollywood's storied media company.

Netflix has struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max.

But the studio did not have much time to celebrate. Just as actors Marlon Wayans and Skye P. Marshall were calling the names of Golden Globe nominees at a news conference at the Beverly Hilton, Paramount launched a hostile takeover bid for WBD valued at more than $108 billion.

"A Netflix merger with Warner Bros. would create a monopsony problem: too few buyers with too much bargaining power."

Any sale will be scrutinized by the federal government, and President Donald Trump warned the Netflix deal “could be a problem.”

Hollywood executives spent decades mocking Netflix's ambitions. Now, the streaming giant will own Harry Potter, the DC Comics extended universe, and HBO in one historic mega-deal.

Who do you believe? The battle for control of Warner Bros. and HBO is coming down to an enormous bet on competing visions of the future of the entertainment industry. On Dec. 5, Netflix landed a whale of a deal that sent shock waves through the community.