It was a great year for Warner Bros. Discovery: Two of its movies (One Battle After Another and Sinners) are front-runners for the Academy Award for Best Picture, and it had a string of critical hits and box-office successes with Superman, Weapons, and A Minecraft Movie. But despite those wins, the media conglomerate—which also owns HBO and CNN—found itself up for auction with two aggressive bidders: Paramount and Netflix. The Atlantic movie critic David Sims explains why this deal could be bad for the movies. And our staff writer Frank Foer lays out why this deal could be bad for democracy—especially if President Donald Trump gets involved. --- Get more from your favorite Atlantic voices when you subscribe. You’ll enjoy unlimited access to Pulitzer-winning journalism, from clear-eyed analysis and insight on breaking news to fascinating explorations of our world. Atlantic subscribers also get access to exclusive subscriber audio in Apple Podcasts. Subscribe today at TheAtlantic.com/Listener. Learn more about your ad choices. Visit megaphone.fm/adchoices