Netflix 's ( NFLX 3.32% ) $83 billion buyout of most of Warner Bros. Discovery ( WBD +5.04% ) is far from a done deal.

Just as the ink had dried on the merger announced on Friday, Paramount Skydance ( PSKY +1.60% ) issued its own hostile takeover bid for all of Warner Bros. Discovery, valued at $108 billion including debt . With the move, it's going directly to shareholders with the offer after WBD's board agreed to sell to Netflix.

Let's review some of the key facts investors should be aware of before discussing what it means for these stocks.

Netflix is paying $27.75/share to Warner Bros. Discovery for its film studios, including Warner Bros., as well as HBO and HBO Max.

Netflix's accepted offer values the WBD equity at $72 billion, or about $82.7 billion,

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