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\u201cI feel so sad,\u201d says one studio executive. They\u2019re not alone: All of Hollywood is currently bracing to hear which of three media corporations will change the landscape of movies and television forever. On Thursday, November 20, Paramount, Netflix, and Comcast each submitted a bid<\/a> to acquire Warner Bros. Discovery\u2014the company that owns the Warner Bros. film studio, HBO, and cable networks CNN, TNT, and Discovery, among others.<\/p>\n Each of the three companies comes into the potential deal with different ambitions. Paramount Skydance, which was created from an $8 billion merger by David Ellison<\/strong><\/a> earlier this year, wants to acquire all of Warner Bros. Discovery\u2019s assets, while streaming giant Netflix and Comcast\u2014NBCUniversal\u2019s corporate parent\u2014have bid only for the company\u2019s studio and streaming business.<\/p>\n The swallowing up of another legacy Hollywood studio, just a few years after Disney bought the entertainment assets of 21st Century Fox<\/a> in a $71.3 billion deal, feels like yet another seismic shift for an industry that has recently faced setback after setback. \u201cIt\u2019s not just Warner Bros. theatrical, which is a mainstream studio and all the IP that goes with it, but it\u2019s also HBO\u2014they\u2019re both these storied homes,\u201d the exec says. \u201cI don\u2019t see a path where those things [still] exist with any of these buyers, because I think they just get folded into the existing structures, even if that isn\u2019t the intention going in.\u201d<\/p>\n Employees working under the Warner Bros. Discovery umbrella\u2014who are still recovering from WarnerMedia\u2019s merger with Discovery, which happened less than four years ago<\/a>\u2014are battling anxiety about more upheaval and jobs that will likely be eliminated. \u201cThere\u2019s a lot of tenured employees at Warner Bros. that have been there for 20 and 30 years,\u201d a Warner Bros. insider says. \u201cThis is not their first rodeo. But I think, ultimately, everyone recognizes that this is different\u2014that consolidation is happening, and it\u2019s a little scary.\u201d<\/p>\n Insiders beyond those employed by Warner are also concerned about what the sale will mean for the industry\u2019s greater infrastructure\u2014and as of right now, there are more questions than answers. \u201cWarner Bros. has been at the red-hot center as this constant target, and I just wonder, when has a Warner Bros. merger gone well?\u201d says one top movie producer. \u201cIt\u2019s hard to even know who\u2019s the best. It feels like it shouldn\u2019t be happening.\u201d<\/p>\n Many believe the best buyer would be the one that keeps Warner Bros.\u2019 theatrical output most intact, though it\u2019s not clear which of the three bidders fits that bill. \u201cWe just don\u2019t know yet,\u201d one top manager says. \u201cIt all depends on what [they] are going to allow output-wise.\u201d In August, Warner Bros. Discovery stated that its goal<\/a> was to have 12\u201314 theatrical releases per year. If the new buyer were to cut that output by half or more, it would be devastating for the market. \u201c[Warner] is on a generational run this year\u201d\u2014thanks to hits like Sinners, Weapons,<\/em> and One Battle After Another<\/em>\u2014\u201cand you don\u2019t want to lose that,\u201d the manager says. \u201cYou don\u2019t [want to] lose the leaders there that are willing to take shots on directors and stars that want to go after original thought.\u201d<\/p>\n<\/div>\n