Jessica Mendoza

Paramount already had $14 billion in debt.

So Warner was skeptical that Paramount made sense as a buyer.

But for all that, Paramount wasn't giving up.

In December, after Netflix and Warner seemed to have struck a deal, Paramount made one more bid to take over the company, offering nearly $78 billion.

Then, Paramount CEO David Ellison turned to his allies in Washington.

Just days after making that offer, Ellison sat in President Trump's box at an event at the Kennedy Center.

And Paramount's chief legal officer oversaw a lobbying campaign that encouraged Republican lawmakers and administration officials to question Netflix's bid.

Netflix, on the other hand, didn't have those connections in D.C.

At a Senate hearing about the merger last month, the company struggled to win over lawmakers from both parties.

Here's Republican Senator Mike Lee questioning Netflix co-CEO Ted Sarandos.

By that point, in February, Paramount had increased its bid to $81 billion.

This even included a nearly $3 billion breakup fee that Paramount would pay to Netflix.

And Paramount would also pay Warner $7 billion if regulators don't approve the deal.

Netflix declined to match the bid.

Warner Brothers CEO David Zaslav said that once the company board votes to adopt the Paramount merger, quote, it will create tremendous value for our shareholders.

Netflix's co-CEOs said, quote, this transaction was always a nice-to-have at the right price, not a must-have at any price.

Is this it?

It's a done deal now?

Netflix isn't going to come back with some last, last, last, last-minute comeback offer in the next few days?

After the break, what a paramount Warner Brothers merger could mean for the entertainment industry and consumers.