(NEW YORK) — Paramount launched a hostile bid for Warner Bros. Discovery this week, just days after Netflix struck a deal to acquire the legacy media company.

The rival multi-billion dollar efforts to purchase streaming platform HBO Max and movie studio Warner Bros., among other assets, could upend the media industry and shape content viewed by hundreds of millions of people.

For now, the outcome remains highly uncertain. Any acquisition of Warner Bros. Discovery would likely be reviewed by the Trump administration, which could move to block a proposed merger over anti-monopoly concerns, according to antitrust experts from Vanderbilt University, the University of Tennessee and the Cardozo Law School.

The government approval process could take anywhere from several months to more than a

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