According to Reuters, Warner Bros. agreed to be acquired by Paramount Skydance in a $110 billion deal signed Friday, with Paramount Skydance agreeing to pay a $7 billion termination fee if federal regulators don’t approve the merger.

Only five of Skydance's features to date — three of them starring Tom Cruise — have generated more than $200 million domestically.

It's a come-from-behind story fit for Hollywood itself. Skydance's unlikely triumph in the battle for Warner Bros.

State attorneys general. Foreign approvals. Consumer lawsuits. Even without the Justice Department stepping in, Paramount still faces several roadblocks to completing its acquisition of

Employees at the company had started to warm to the idea of Netflix as its corporate owner. Now they face the prospect of major cuts under Paramount.