Swan songs rarely look as golden as the long Warner Bros. goodbye. Just a few months ago, the embattled company was in the midst of one of the best runs for any studio in Oscar history — and all the while, Netflix and Paramount Skydance were trading splashy offers to acquire it outright. By the time One Battle After Another, Sinners and Weapons had combined to win 11 Oscars (including best picture), tying a single-studio record, Paramount officially had won the war for the pending merger — leading to widespread panic within Hollywood as to what the future of a major theatrical player at the top of its game would look like.

Around when the Warner-Paramount deal is (presumably) finalized within the next few months, the David Zaslav-led outfit may take home another historic haul as a final demonstration of might — this time on the TV side: Its prized premium streamer, HBO Max, is poised to dominate, just as rumors swirl that it’ll soon be absorbed into the decidedly less prestigious Paramount+. HBO has been an Emmys force for decades. But should The Pitt win best drama and Hacks win best comedy, as is widely expected, the network will have claimed the top two trophies in the same year for the first time in a decade (when Veep and Game of Thrones swept).