The proposed sale of Warner Bros Discovery has sent a jolt through Hollywood unlike anything seen in years. For an industry still recovering from strikes, shrinking cinema audiences and relentless cost cutting, the prospect of losing one of its oldest and most influential studios feels existential. Executives, producers and agents describe a mood closer to shock than strategy, as they contemplate what happens when a pillar of the studio system changes hands, the Financial Times reported.

At the centre of the turmoil are two bidders offering starkly different, yet equally unsettling, visions. Netflix has put forward an $83 billion offer for Warner’s studio and streaming assets. Paramount, backed by the Ellison family and outside investors, has responded with a far larger hostile bid. In pr

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