Who ends up with the assets of Warner Bros. Discovery Inc., the owner of one of Hollywood’s largest and most venerable film studios, is likely to impact the entertainment industry for decades to come. On Dec. 5, the company announced that Netflix Inc., the world’s dominant streaming platform, had agreed to purchase its streaming and studio assets in a $82.7 billion deal, including debt. Three days later, Paramount Skydance Corp. launched a hostile takeover bid for all of Warner Bros. The offer v

Traders are betting that what once looked like a potential bidding war for Warner Bros. Discovery Inc. is turning into a one horse race, with Netflix Inc. winning out over Paramount Skydance Corp.