Ryan Knudson

The deal stunned Hollywood because many assumed that Paramount had the upper hand.

But Netflix's bid won out.

Its $72 billion offer was just for part of the company, only HBO Max and the movie studios, and it doesn't include the cable channels like CNN.

Netflix has said it would continue Warner Bros.

operations, including selling shows to other networks, as Warner has done in the past.

It also plans to continue releasing Warner films and theaters.

Paramount, meanwhile, isn't giving up.

It wrote a letter to Zaslav last week, saying the company had, quote, embarked on a myopic process with a predetermined outcome that favors a single bidder.

Warner wrote in response on Thursday that it fully and robustly complies with its fiduciary obligations and will continue to do so.

Earlier today, Paramount announced that hostile takeover bid, which was for $77.9 billion, not including debt, for the whole company.

How big of a fight does Warner Brothers and Netflix have on its hands?

After the break, we hear about what Joe heard on that phone call.

Okay, so let's go back to this phone call that just happened earlier this morning that you had to step out for.

What did Paramount say?

Why not just give it up and say, okay, we're going to let this one go if you're Paramount?

Why fight so hard?

On Monday, Netflix co-CEO Ted Sarandos said that Paramount's tender offer was, quote, entirely expected.

And he said that Netflix is, quote, super confident its deal will get done.

Today, Paramount accused Warner of never meaningfully engaging with its offers over the past 12 weeks.

So if this deal with Netflix and Warner Brothers goes through, this company will be huge.