Can we officially call the Warner Bros. sale a campaign yet? So far, this seven-day window of reopened bidding feels less like a disciplined M&A process and more like the final push to win the presidency (or the best picture Oscar), complete with sharply drawn narratives, strategic endorsements—and, of course, mudslinging and opposition research. No, we don’t yet know if Paramount will raise its bid beyond $31 per share for all of Warner Bros. Discovery—pretty much the only thing that matters in this auction. But we do know that Paramount’s David Ellison is screaming to Congress about the extinction-level event that would be Netflix winning Warners.