On Dec. 5, Netflix ( NFLX +1.18% ) shocked investors with plans to acquire Warner Bros. Discovery for an enterprise value of $82.7 billion, with $72 billion in cash and stock.

The deal would boost Netflix's content library with several well-known television and film titles and franchises, including HBO and HBO Max programming. It would also bolster Netflix's original content creation capabilities.

But investors reacted negatively to the news, with the stock down over 6% since the announcement. To make matters more complicated, Paramount Skydance ( PSKY 2.69% ) announced a hostile takeover bid for Warner Bros. , which makes the Netflix deal less of a sure bet.

With the deal now up in the air and Netflix down around 22% in the last three months, investors may be won

See Full Page