Shares of Netflix Inc. have tumbled since October, when the streaming giant became one of the presumed suitors for Warner Bros. Discovery Inc. But despite a 28% plunge in less than three months, the stock still appears to be too expensive to entice investors.

Netflix says it will buy Warner Bros. Discovery for $72 billion, one of the most colossal mergers in recent Hollywood history. Here’s a look at the beginnings of the Hollywood studios and what the entertainment landscape is like today.

If Netflix ends up being successful in acquiring Warner Bros., it will acquire HBO and film and television studios that will broaden and diversify its business. But in doing so, Netflix will also need to take on tens of billions of dollars in additional debt to help fund the deal.

In a press release, Warner Bros. Discovery said Paramount’s offer was “not in the best interests of WBD” and reiterated its support for a merger with Netflix. Tough news for the Ellisons—but they aren’t completely without hope.

Paramount Skydance is still trying to stop Warner Bros. Discovery's Netflix deal. Here are the four most likely endings in the fight for WBD.

Paramount Skydance on Thursday reaffirmed its $30-a-share all-cash offer for Warner Bros. Discovery, declining to raise its bid.

The major exhibitors' top lobbying group, Cinema United, reiterated its opposition to Congress ahead of a Washington, D.C., hearing on the Netflix acquisition.

Warner Bros. Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio.

The streamer's regulatory defense has "no grounding in market or legal reality," Makan Delrahim tells a House Judiciary subcommittee

Some of Warner Bros Discovery's biggest investors are split on Paramount Skydance's sweetened offer for the storied movie studio owner, giving the smaller media company a fighting chance at winning over shareholders.

For boom operator and sound mixer Eric Olvera, working in film is a lot like what he imagines it's like to be a pirate."Always jumping on the next bus, the next crew — we're basically like pirates running around,