Friday, December 5th. The news hits hard and dominates the entertainment and business press. It's a true revolution in the streaming market. Netflix is closing a deal that could herald the start of an empire its competitors will struggle to surpass.

Paramount is making a hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company.

Netflix NFLX -2.89%, the company that taught us how to binge-watch, is buying Warner Bros. in a $72 billion marriage of the world’s largest streamer and one of the most storied film and television sho...