Netflix elbows out the competition bidding to take over Warner Bros. Studios and streaming business.

Plus, the Supreme Court clears the way for Texas to use a controversial new congressional map,

boosting the GOP's chances of keeping control of the House.

And the stocks in crypto linked to President Trump

that have some investors sitting on steep losses.

We've seen a couple different publicly traded assets

with ties to the president and his family

that are really struggling, hitting new lows,

kind of in contrast to how they were performing earlier this year

when some investors made a lot of money on this stuff.

It's Friday, December 5th. I'm Daniel Bach for the Wall Street Journal, and here is the AM edition of What's News.

The top headlines and business stories moving your world today.

We begin in LA where Warner Brothers Discovery has entered exclusive negotiations to sell its studios and HBO Mac's streaming business to Netflix. We are reporting that Netflix and Warner are expected to announce a deal soon in a tie-up that could reshape the entertainment and media industry. Journal Entertainment reporter Joe Flint joins me from Los Angeles.

Joe, we had reported that Paramount was the frontrunner. Why is Netflix now the leading contender?

Well, it's certainly quite a surprise, not only to us folks in the trenches covering it, but I think a lot of

Wall Street analysts as well were dubious about how serious Netflix was, but in the last

several days it's become apparent that they were very serious and they made a dramatic cash offer,

which is what Paramount had been offering. Comcast and Netflix were only bidding for the

Warner movie and TV studios and library and HBO, which of course also includes the HBO Max streaming

platform. Paramount was bidding for the whole company. And actually Paramount thought that would give

them an advantage with the board and with shareholders that they for the whole company. And actually Paramount thought that would give them an

advantage with the board and with shareholders that they wanted the whole company and not

...