Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

Discovery. During an internal global town hall with staff, those on the call were told that "HBO Max will stay," TheWrap has learned. The meeting took place Friday morning to address Netflix's acquisition of the company.

After weeks of an intense bidding process, Netflix is picking up one of Hollywood's oldest studios in a game-changing deal.

A major transaction has long felt inevitable. The 2022 merger saddled the company with roughly $50 billion in debt, leaving its leadership little choice but to explore a breakup or sale. If the split proceeds, WBD CEO David Zaslav would continue leading the Warner Bros. side, and Discovery Global would be led by current CFO David Wiedenfels.

Iger weighed in as Netflix and Paramount Skydance square off in a high-stakes battle for control of Warner Bros. Discovery.