Netflix vs Paramount for WBD. Is the hostile bid still real, and is it priced in?

Hi everyone. I am confused about the Netflix and WBD deal. WBD agreed to the Netflix deal but it still needs approvals. Paramount also made a hostile bid. WBD said shareholders should reject it. Does that mean the Paramount bid is basically dead, or can it still win. If WBD wanted to take the hostile bid, how much work is it. Is it easy or a long process. If WBD stays with Netflix, what are the main risks and benefits for Netflix in the next year and long term? And do you think the market has already priced this in? Thanks.