The most realistic acquirers were Paramount/Skydance or Netflix. Paramount/Skydance is a relatively new-ish entity with David Ellison (Larry's son) as CEO. The general sense in Hollywood is Paramount/Skydance will do little high-brow, art house or awards-fodder films but they will at least distribute films primarily to theaters (they promised to release at least 14 Warner films per year to theaters if their bid was accepted).

Netflix is mostly uninterested in theatrical distribution so the main practical impact of this most of us see day to day may be less theatrical release movies and probably fewer higher budget films being made at all.

Caveats include that the deal has to actually get regulatory approval in the U.S. and EU and survive potential (inevitable?) shareholder lawsuits. Netflix's offer reportedly involved less cash and more debt. Paramount/Skydance argued regulatory approval and the heavy debt made Netflix's offer less attractive than their own despite Netflix's higher top-line price.