Ted Sarandos, the co-chief executive of Netflix, in Oceanport, N.J., Jan. 12, 2026. Employees at Warner Bros. had started to warm to the idea of Netflix as its corporate owner. Now they face the prospect of major cuts under Paramount. (Bryan Anselm/The New York Times) By BROOKS BARNES and JOHN KOBLIN It was a Hollywood battle royal, one filled with feints, bruised egos, strategic leaks, boardroom intrigue and old guard vs. new guard tension. And when a winner finally emerged — David Ellison,...