Warner Bros. Discovery is in the middle of a Hollywood tug-of-war between Netflix and Paramount. And chances are it’ll be a long, bumpy regulatory road ahead for either buyer.

Warner’s board on Wednesday urged shareholders to back the deal it struck with Netflix to sell its studio and streaming business for $72 billion. Meanwhile, Skydance-owned Paramount is moving forward with its hostile $77.9 billion bid for a full takeover of the company, including networks like CNN.

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