This question by @MarkRuffalo is critical. Right now there's an attempt to force people to pick either Paramount or Netflix as the right acquirer, but both are wrong answers. An acquisition by either firm would consolidate the market and is illegal. Warner must stay independent.
If this gambit works then Makan Delrahim saved the Ellison family many billions of dollars and potentially closed the merger.
Trade press are trying to present it as either Netflix or Paramount wins the bidding contest. But Warner should obviously remain independent.