Disaster, catastrophe, and nightmare. That's how Hollywood's creative workers describe the fall of the once mighty Warner Bros, as Netflix and Paramount battle to buy the historic studio and Tinsel Town braces for more upheaval and job losses.

Warner's decline and impending sale – whether it's to Paramount Skydance as a whole or to Netflix cut up in parts – is being mourned in Hollywood, where a historic production slump has already battered the entertainment industry. The loss of the studio, which has created iconic films ranging from Casablanca and Goodfellas to Batman and Harry Potter, likely means more job cuts and definitely means one less buyer of film and TV projects.

Interviews with dozens of actors, producers, and camera crews illustrate an industry attempting to weigh the lesser of two evils: control by a tech giant blamed for killing movie theatres (Netflix) or billionaires seen as too cosy with President Trump (Paramount).

David Ellison is a right-wing billionaire Trumper, a camera assistant remarked, highlighting anxiety over the potential implications of a Paramount acquisition amidst concerns about censorship and political affiliations.

While Netflix's leadership is known for allowing creative freedom, there remains deep skepticism among workers regarding the tech giant's impact on the industry. If Netflix gets the deal they want, they will secure Warner Bros' crown jewels – the 102-year-old studio, HBO, and its vast archive, while leaving legacy networks for another buyer.

The fallout from the ongoing bidding war is palpable. Many Hollywood workers are facing an uncertain future, struggling with the reality of a shrinking industry and the encroachment of artificial intelligence in content creation. Some, now unemployed, have turned to food banks and odd jobs to get by.

As Warner Bros weighs its options amidst a hostile takeover bid from Paramount, the future of the iconic studio hangs in the balance, reflecting broader themes of consolidation, control, and the survival of traditional cinema in an increasingly digital world.