Paramount is betting European regulators won't approve WBD-Netflix. Here's how it could play out

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The future of the Warner Bros. Discovery

company – its iconic movie studio, HBO Max, and its cable networks, including CNN, TBS, TNT, Discovery and HGTV – may come down to what European regulators think about Netflix

That’s a pretty crazy twist for a deal that will dictate the future of many valuable American sports rights – assets that, for the most part, have very little to do with Europe.