On Wednesday, Warner Bros. Discovery (WBD.US) climbed nearly 4%, hitting a record high, with its stock soaring 150% since September. The surge follows recent developments: on December 5, the company announced that Netflix (NFLX.US), the global leader in streaming, agreed to acquire its streaming and studio assets for $82.7 billion, including debt. Three days later, Paramount Global (PSKY.US) launched a hostile takeover bid for Warner Bros. Discovery, valuing the company at up to $108.4 billion. Regardless of the outcome, any deal would require regulatory approval.