There's a growing fight in Hollywood over some of the biggest characters on screen, like Tony Soprano, Daenerys Targaryen and Harry Potter. All feature in shows and films owned by Warner Brothers Discovery, and now two companies are fighting to get a piece of the action.

First, on Friday, Netflix struck an $83 billion deal to acquire Warner Brothers Studios and HBO. Then, just days later, Paramount upped the ante with a higher bid of $108 billion for Warner Brothers Discovery – which includes not just the movie studios and HBO, but also WBD’s cable channels, like CNN.

As corporate giants vie to take over Warner Brothers, we ask: What are the stakes for Hollywood and the news business?

Editor’s note: Warner Bros. Discovery is a financial supporter of NPR.

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