A video shared online soon after Netflix announced it was acquiring Warner Bros. was edited so the Netflix logo would be on the iconic water tower.

As Netflix and Paramount fight for Warner Bros. Discovery, the fate of the giant media company could rest on the value of its cable networks.

A video spreading across platforms purports to show the Netflix logo painted over the historic water tower at Warner Bros. Studios as the streaming powerhouse seeks to buy the global media giant's film and television studios and streaming services amid a bidding war with Paramount.

In a historic moment, Netflix has agreed to buy Warner Bros. Discovery's movie, television and streaming assets, valued at $82.7 billion. NBC News' Chloe Melas reports on what could happen next in one of the most consequential mergers in Hollywood history.

Warner Bros. Discovery is formally up for sale, with the company inviting bids on the company as a whole or various slices of its assets. Paramount Skydance has already offered $24 per share for the whole company, but has so far had its proposals rebuffed ...

Netflix says it must acquire Warner Bros Discovery to compete with YouTube, but antitrust experts doubt regulators will buy that argument.

If approved by Trump administration regulators, the deal would lead to a new entertainment and technology behemoth.