Who is likely to win?
Both deals raise competition concerns and are expected to face scrutiny from regulators in the US and Europe.
Netflix’s plan has drawn warnings that it would give the dominant streaming player even more power over actors and screenwriters, while putting further pressure on local cinemas.
But a combined Paramount-Warner Bros would also leave it in control of a significant slice of sports and children’s entertainment, raising potential concern for advertisers and local television distributors.
Paramount’s plans, which would put CBS and CNN under the same parent company, have also been closely watched because of the potential impact on the news business and the Ellisons’ ties to Trump.
Analysts said approval would likely hinge on how broadly regulators decide to define the market, and whether players like YouTube are considered part of the competition.
Some have also suggested that Paramount could be in a stronger position thanks to the relationship between Trump and the Ellison family, including tech billionaire and Republican mega-donor Larry Ellison.
Trump, a longtime critic of CNN, has also called for the news network to be sold to new owners as part of any deal, a condition that Paramount’s bid would satisfy.
But the president has offered little certainty about which firm he favours.
Though he has praised the Ellisons in the past, on social media on Monday, he took aim at their ownership of Paramount, triggered by a 60 Minutes interview that the company aired with former Trump ally-turned-critic Marjorie Taylor Greene, a Republican representative.
Previously, he had noted potential concerns about Netflix’s tie-up, given the size of the company, while also praising the streamer’s bosses.
Trump in February said he would leave the decision up to the Department of Justice, rather than being personally involved, as he had initially claimed.
How could the deal affect consumers?
It’s not clear.
Neither Netflix nor Paramount have offered much insight into how they would incorporate Warner Bros into their current offerings or seize the opportunity to launch new kinds of streaming packages.
When it comes to prices, boosting Netflix’s offerings could allow it to charge customers more. But if viewers find they are paying for one streaming service rather than two, it could cost them less.
More than 70% of HBO Max customers in the US also subscribe to Netflix, according to analysts at Raymond James.
Why was Trump’s son-in-law Jared Kushner part of the bid?
Paramount’s offer initially included financing from Jared Kushner’s investment firm Affinity Partners, which he set up in 2021.
President Trump’s son-in-law is estimated by Forbes to have a fortune worth more than $1bn (£750m).
Kushner, and other financers from the Saudi and Qatari sovereign wealth funds backing the Paramount bid, had agreed not to take any controlling roles – such as seats on the board – in exchange for their investments.
After the Trump-family connections drew scrutiny, Kushner said his firm would not participate in the deal.
Additional reporting by Danielle Kaye and Pritti Mistry
