Ellison’s advisers were steeling for at least four more days of hard work. Netflix had the right to match the offer under the terms of its deal with Warner Bros., and Warner Bros. and Paramount announced they’d entered into a definitive merger agreement on Friday. The dramatic turnaround has positioned Paramount to acquire Warner Bros. in a $110 billion transaction that would make the Ellison family owners of one of the largest entertainment empires in the increasingly global industry. The combined company ...