Warner Bros. Discovery's friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.

The bid comes after Warner last week agreed to be bought by Netflix for $72 billion.

The competing offers set the stage for combining some of the most beloved entertainment properties.

Netflix’s vast library includes “Stranger Things” and “Squid Game," while the much smaller Paramount owns its Hollywood studio and major TV networks like CBS and MTV. Both covet Warner, which owns Warner Bros. Pictures, HBO and the Harry Potter franchise.