As Netflix and Paramount fight for Warner Bros. Discovery, the fate of the giant media company could rest on the value of its cable networks.

The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.

NEW YORK (AP) — Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.

Netflix stunned the media world on Dec. 5 by making a deal to acquire Warner Bros. Discovery for $83 billion. Iconic Warner Bros. brands, shows and characters — HBO, “Game of Thrones,” Batman and Harry Potter,

DiscoveryThe M&A saga captivating Hollywood has taken another dramatic twist.Paramount Skydance on Monday made a $77.9 billion hostile takeover bid for all of Warner Bros. Discovery, escalating its battle against Netflix for the storied entertainment giant.

Discovery since the industry and its consumers will suffer. "When companies at this level -- this is eventually Paramount Skydance or Netflix, or anything else -- when companies at this level in this industry merge,

Iger weighed in as Netflix and Paramount Skydance square off in a high-stakes battle for control of Warner Bros. Discovery.

“Just yesterday, my beloved parent company, Paramount, reportedly launched a hostile takeover bid for Warner Bros valued at $108 billion,” the late-night host said on Tuesday’s (December 9) Late Show. “Wow. I gotta say, if my company’s got that kind of green, I’m sure they can afford to un-cancel one of their best shows.”