What does the Warner Bros. deal mean for the entertainment industry? Over the past several days, my phone has not stopped ringing. Clients, journalists, executives, and creators are worried and have reached out for perspective on one of the most significant entertainment deals in decades.

Netflix's decision to excise Discovery's cable channels from the agreement indicates its desire to avoid ownership of the legacy TV infrastructure of broadcast, cable and satellite television.

Paramount launched a rival bid that seeks to bypass Warner's management and appeal directly to its shareholders with more money.