Netflix announced on Friday that it planned to buy Warner Bros. Discovery in an $82.7 billion deal that could redefine Hollywood and the broader media landscape.

How bad do you need it? That may be the crucial question for Netflix and Paramount Skydance as they keep tussling over who will acquire part or all of venerable Hollywood studio Warner Bros. Discovery...

Paramount said it has offered to pay $18bn extra in cash compared with Netflix’s offer, which values Warner at $27.25 a share using a mixture of cash and stock.