Warner Bros. Discovery $WBD is at the center of a serious takeover fight. Reports say the board may turn down $PARA’s $108.4B offer and lean toward Netflix $NFLX instead. What’s on the line? HBO, Max, and one of the most valuable movie and TV libraries ever made. $PARA is pitching a $30-per-share all-cash deal and says it’s more likely to clear regulators, but some of its backers are already stepping away. $NFLX wants the content to lock in long-term streaming dominance. Big players, big money, and a decision that could reshape Hollywood.