“Netflix to acquire Warner Bros Discovery” was certainly not a headline that most industry observers expected to see this year, not with President Trump’s affiliation with “traditional” media. Late last week, the streamer announced it had won the WBD war with a proposed acquisition of the company totaling an enterprise value of $82.7 billion—sending tremors through the structure of the global media industry as it stands. But tensions continue to rise after Paramount Skydance launched a hostile tender offer for WBD for $108.4 billion just three days after Netflix reached an agreement. WBD will now pass this offer to stockholders by the end of next week after careful legal and financial consideration. For Paramount Skydance, all’s fair in love and…