Today's announcement by Netflix that it will acquire the Harry Potter, DC Comics and Game of Thrones owner came with an acknowledgement that it plans to continue releasing Warner Bros.' films theatrically — at least, for now.

Since Netflix's deal was confirmed last Friday (December 5), Paramount has since launched a cash bid of $100 million, with the studio stating that Warner Bros. Discovery "never engaged meaningfully" with their previous attempts to negotiate a deal.

With the tech takeover of Hollywood coming fast, legacy film studios now face an existential crisis. Paramount was swallowed by Skydance during a months-long $8 billion merger finalized in August.

After weeks of an intense bidding process, Netflix is picking up one of Hollywood's oldest studios in a game-changing deal.