Netflix execs used to dismiss the idea that they would acquire live sports rights. Now the world’s biggest premium streamer — which has deals with the NFL, MLB, the Women’s World Cup, WWE and more — has tapped its first on-air sports host: ESPN anchor Elle Duncan.

Warner Bros. Discovery has officially rejected Paramount’s hostile takeover bid, advising its shareholders to do the same. But the battle is far from over. Let’s break down what just happened and what to expect next.