Interviews with dozens of actors, producers and camera crews reveal an industry attempting to weigh the lesser of two horrible choices.

Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

A high-stakes bidding war heated up this week when Paramount made a hostile takeover bid for Warner Bros. Discovery, challenging a multibillion-dollar Netflix deal to buy the entertainment juggernaut.

If Warner Bros accepts Paramount's offer, it will have to pay Netflix a $2.8 billion breakup fee. Netflix, on its part, is on the hook for $5.8 billion if its deal falls through. The streaming pioneer is likely to face strong antitrust scrutiny, and Trump has already raised questions about its offer.

For now, the outcome remains highly uncertain. Any acquisition of Warner Bros. Discovery would likely be reviewed by the Trump administration, which could move to block a proposed merger over anti-monopoly concerns, according to antitrust experts from Vanderbilt University, the University of Tennessee and the Cardozo Law School.

Paramount Skydance Corp. and Netflix Inc. — the entertainment heavyweights locked in a bidding war for Warner Bros. Discovery Inc. — are girding for a battle they predict will stretch well into 2026.

Eywa as his witness, James Cameron has pledged to make movies for theaters so that side of the business stays alive.

Saturday Night Live” opened this week’s episode with Donald Trump commenting on the battle to buy Warner Bros. Discovery - by asking why anyone would even want to buy the studio: “They’ve got one of the worst studio lot tours in LA,