Jessica Mendoza

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One of the biggest dramas in Hollywood in the past year has been the fight over Warner Brothers Discovery.

In December, Warner announced that it had accepted Netflix's offer of $72 billion.

The Warner Brothers bidding saga seemed to finally come to an end.

Only Paramount still refused to take no for an answer.

Tonight, a plot twist in a Hollywood blockbuster deal.

Our colleague Joe Flint has been following the whole story.

That offer was the ninth one from Paramount Skydance's CEO, David Ellison.

What does this tell you about how important this deal was to Paramount?

Welcome to The Journal, our show about money, business, and power.

I'm Jessica Mendoza.

It's Thursday, March 5th.

Coming up on the show, how Paramount managed to snatch a last minute victory in the fight for Warner Brothers.

If this were a reality dating show, Warner Brothers would have been The Bachelor, and Paramount and Netflix were the final two.

And the main reason these two companies were so interested in acquiring Warner was its iconic catalog.

Harry Potter.

Gryffindor!

As for Netflix, the company's strategy had always been build, not buy.

But it did see a lot of upside in acquiring Warner Studios and HBO.