Netflix ( NFLX +1.17%) shocked Hollywood recently when it announced plans to acquire Warner Bros. Discovery 's studio and streaming business for $72 billion. The deal, if approved, would bring HBO, Warner Bros. Studios, DC, Harry Potter, and an enormous content library under Netflix's roof.

Either Netflix or Paramount buying Warner Bros. Discovery would be an unhappy ending for streaming customers.

The spotlight is on crown jewels HBO, studios, the Warner Bros. film vault and DC Comics – but the fate of Warner Bros. Discovery could rest on the value of its much-maligned cable TV portfolio. Discovery Global Networks,

CNN staffers tell Fox News Digital the mood in the newsroom is "grim" over the prospects of Paramount owner David Ellison buying its parent company Warner Bros. Discovery.

Paramount's David Ellison said that if Warner Bros. Discovery's board took his current offer, it would be "admitting breach of fiduciary duty."

The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.

DiscoveryThe M&A saga captivating Hollywood has taken another dramatic twist.Paramount Skydance on Monday made a $77.9 billion hostile takeover bid for all of Warner Bros. Discovery, escalating its battle against Netflix for the storied entertainment giant.

Discovery since the industry and its consumers will suffer. "When companies at this level -- this is eventually Paramount Skydance or Netflix, or anything else -- when companies at this level in this industry merge,