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Tech’s Hollywood takeover. A streaming giant on steroids. Another contentious battle for IP and scale.

The $72 billion Netflix (NFLX) deal to acquire the studio and streaming assets of Warner Bros. Discovery crisscrosses and amplifies multiple narratives in the entertainment business. It would combine the world’s top streamer with one of the most storied film and TV studios.

But the mash-up, which Netflix expects to take up to 18 months to complete, is already prompting vocal pushback from another suitor and media rival as well as elected officials from both parties.

Antitrust issues are only part of the uncertainty. The tie-up underscores the still-unsettled challenges surrounding the future of moviegoing, cable’s great dwindling, and the creative industry’s uneasy relationship with the dominant players in technology.

Here are five questions about what’s next for Netflix:

1. What will Paramount do to squash the deal?

Paramount (PSKY) has already expressed dissatisfaction with how the negotiations have gone down. And it can do more.

Analysts say Paramount is eager to grab WBD’s back catalog and IP to compete with the much larger Netflix. That growth is pivotal to Paramount’s success, motivating its desire to acquire WBD, and now to try and block Netflix from doing so.

In addition to raising legal challenges, Paramount can lean on its political ties with the Trump administration to stymie the Netflix proposal. Comcast (CMCSA), another suitor that offered a bid, could also strengthen the case against a Netflix deal.

2. How is the political opposition shaping up?

What Netflix co-CEO Ted Sarandos has described as “[giving] audiences more of what they love” several elected leaders see as ingredients for market abuse. “This deal looks like an anti-monopoly nightmare,” said Senator Elizabeth Warren in a post on X Friday.

“A Netflix-Warner Bros. would create one massive media giant with control of close to half of the streaming market. It could force you into higher prices, fewer choices over what and how you watch, and may put American workers at risk,” Warren wrote.

The opposition to the deal isn’t limited to the Democratic side. Several Republican lawmakers have criticized the deal and have called on regulators to scrutinize the acquisition.

3. How can Netflix overcome antitrust concerns?

Similar to Meta’s recent anti-monopoly victory in court, Netflix can make the case that the tech environment continues to change. And that its rivals, a who’s who of well-resourced mega platforms including Apple, Amazon, and YouTube, are all clamoring for user attention and streaming turf.

What’s more, Netflix’s bid is for WBD’s streaming and studio assets, not the whole company. Several analysts have noted that Netflix likely expects it will need to offload some of WBD’s assets to clear regulatory concerns. And the company’s hefty $5.8 billion breakup fee to WBD exudes confidence that it can get the deal done.

4. What does the deal mean for Hollywood?

Critics of Netflix in the entertainment industry argue that the streaming giant has helped train consumers to forgo theater-going for the couch. And if the deal were to succeed, analysts say the theatrical window may continue to shrink.

The purchase of WBD would also remove yet another movie studio from the ecosystem, leading to the prospects of fewer films to screen and increased pressure on cinema operators, all while Netflix strengthens its position as a major entertainment conglomerate.

5. How will the deal impact creatives and streaming customers?

The memes are already starting to flow.

And a popular reaction on social media is how Netflix is probably getting ready to raise prices. Analysts seem to agree.

By folding in HBO’s premier catalog, and WBD’s legacy brands, the streaming service would have another reason to raise prices and extend its reach into more households.

On the creative and theater exhibition front, some observers have pointed to Netflix’s increased potential to price out competition. With one less streamer and studio to purchase and develop IP, some analysts say Netflix would have increased leverage over cinemas and creative professionals.

Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.

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