What the market is saying about the red-hot bidding war over Warner Bros. Discovery

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• A bidding war for Warner Bros. Discovery has kicked off, and the market may hold clues about the outcome.
• Investors are flashing signs they still think Netflix could be the ultimate winner.
• Betting markets don't see Paramount's competing offer as a slam dunk.

A bidding war has broken out over one of America's most iconic media companies, and investors in the three firms involved are mixed on the prospect of where it'll all shake out.