In a stunning development, Netflix has officially dropped out of the bidding for Warner Brothers, which owns a huge collection of classic movies, as well as CNN and HBO. That leaves Paramount as the only bidder, who kept upping the ante until it was too rich for Netflix's blood. 

This is a disturbing development for many, because Paramount is controlled by a billionaire backer of Donald Trump, leading to fears about the editorial freedom of the world's first cable news network. (Paramount currently owns CBS, whose news division has undergone drastic changes since the takeover.) 

And then there's the issue of job losses and what so few owning so much might mean for so many in the industry. 

"Executives at Paramount have argued that merging will be good for consumers and the wider industry. But lawmakers and entertainment trade groups have sounded the alarm — warning that a Warner takeover would only further consolidate power in an industry already run by just a few major players. Critics say that could result in job losses, less diversity in filmmaking and potentially more headaches for consumers who are facing rising costs of streaming subscriptions as is."

The deal, if it happens, would still have to be approved by federal regulators in the U.S. 

Hard to say what this all might mean for Canadians, but both Netflix and Paramount+ are available streamers on this side of the border. 

Netflix walks away from Warner Bros deal, clearing the path for Paramount