How long before Warner Bros. becomes another studio swallowed up by David Ellison? With final bids for WBD due this week, all eyes remain on Paramount Skydance — despite the Comcast and Netflix red herrings. Elaine Low, Sean McNulty and Natalie Jarvey break down why a Paramount–Warners mash-up now feels less like speculation and more like destiny. Then Richard Rushfield reveals the whispers starting to circulate within the creative community about Ellison’s cozy ties to Donald Trump and how it might push back. Plus: As Disney becomes a luxury brand and even monthly streaming bills seem like an extravagance, has the middle-class been priced out of entertainment?

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The Clock Strikes Midnight for Warner Bros.