The fate of one of America’s most storied movie studios and one of the industry’s deepest libraries, including HBO, DC, Harry Potter, and generations of film and television classics, hangs in the balance as Netflix and Paramount battle for control.

Just over a week ago, Netflix elicited shock across the film and television industry when it announced its colossal $82.7 billion acquisition of Warner Bros. Discovery, Inc. The premise was not, in itself, outrageous; Warner Bros. had been searching for a new owner for some time. But the presumed frontrunner in merger-and-acquisition speculation had been Paramount Skydance Inc.—in other words, another legacy film studio. 

Rather, an industry rogue in Netflix swooping in to snatch up one of the largest theatrical entities is a massive power move, pointing toward a legitimate digital stronghold in the entertainment industry. It became clear long ago that large-scale consolidation would be necessary to preserve a struggling show business, but few envisioned this.

It is difficult to fathom the extent of the content Netflix has inherited from this acquisition. Here are a few takeaways: HBO Max is going to cease to exist, becoming folded into Netflix, as will its catalogue of classic television shows, including The Sopranos, Game of Thrones, The Wire, Curb Your Enthusiasm, among many others. Additionally, the future releases of cornerstone IPs like Batman will be Netflix productions, potentially released exclusively on the platform. Notably, Netflix passed on Warner Bros. Discovery’s television entities, including CNN and The Discovery Channel.

The deal is not cleared yet, however. Paramount Skydance recently launched a hostile takeover of Warner Bros. Discovery. Paramount proposed an offer of $30 per share. Government intervention also remains a possibility. The story continues to develop as the fate of Warner Bros. hangs in the balance.