After a heated bidding war, Netflix on Friday morning announced it will acquire Warner Bros. in a $72-billion deal poised to overhaul the entertainment industry.

Paramount is making a hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company.

Paramount Skydance, backed by the billionaire Ellison family, has been wooing Warner Bros for months, hoping to join forces with the storied Hollywood name as the media company struggles to compete wi...