Attorneys for the David Ellison-run studio wrote a letter saying the streaming giant's offer posed "substantial" risks and singled out multiple times that Netflix "will reduce the number of films for broad theatrical release.

An announced merger of Warner Bros Discovery and Netflix could mean huge changes for subscribers to HBO Max and Netflix in the coming months.

If Netflix can complete its $82.7 billion deal to acquire Warner Bros. Discovery, it will be a lot bigger but not necessarily a lot better for consumers — or for the streaming landscape the

Paramount also raised its bid to $30 per share, valuing the company at $78 billion, but the board had concerns about financing. To signal confidence ahead of regulatory scrutiny, Netflix proposed a $5.8 billion breakup fee, among the largest in M&A history.

The massive deal could mean higher subscription prices, fewer buyers for producers and maybe another merger down the road.

WBD's coveted library of content includes franchises like DC's superheroes, Harry Potter, Lord of the Rings, Game of Thrones, Looney Tunes and Scooby-Doo.