Netflix Inc. (NFLX) shares slipped Monday morning as the entertainment industry's latest takeover drama heated up. The streaming giant is watching its proposed Warner Bros. deal face a stronger competing bid from Paramount Skydance Corp. (PSKY), along with some uncomfortable political attention from Washington.

Here's what's happening: Paramount just amended its hostile offer for Warner Bros. Discovery Inc. (WBD), bumping the price to $30 per share in all cash. The company is aiming to acquire 100% of Warner Bros. and take on all its assets and liabilities, which is a pretty bold move in this market.

But the real headline is the financial muscle behind this bid. Oracle founder Larry Ellison has put up an irrevocable $40.4 billion personal guarantee to back the financing. That's not a typo—$40.4 billion from one person's pocket. When you're one of the world's richest people, you can make that kind of statement.

Paramount is also putting its money where its mouth is by raising its reverse termination fee to $5.8 billion. That's essentially the breakup fee Paramount would pay if it can't close the deal, and the size of that number tells you how confident the company is about getting this done despite potential regulatory hurdles.

Meanwhile, RedBird Capital's Gerry Cardinale went on CNBC to note that his firm is still waiting to hear back on Paramount's December 4 offer. The waiting game continues.

On the other side of this bidding war, Warner Bros. isn't exactly rolling out the welcome mat for Paramount. The company has urged shareholders to reject the hostile bid and stick with the existing agreement with Netflix, which proposes a $27.75-per-share cash-and-equity acquisition of HBO Max and studio assets. That's obviously a lower number than Paramount's $30 offer, which makes Warner Bros.' position a bit awkward.

And then there's the political angle. Senator Elizabeth Warren has jumped into the fray, calling for a Department of Justice ethics review. She's alleging what she calls a "cloud of corruption" around the Warner Bros. bidding process, pointing to potential conflicts of interest involving the Trump Administration. Whether that goes anywhere remains to be seen, but it adds another layer of uncertainty to an already complicated situation.

For Netflix investors, all this uncertainty isn't particularly welcome. The stock was down 1.18% to $93.28 Monday morning, as traders digest what intensifying competition and political headwinds might mean for the deal. The current price sits about 13.9% below recent resistance levels, suggesting the stock is facing some serious headwinds as it tries to regain momentum.

The 52-week range of $82.11 to $134.11 shows there's room for movement in either direction, depending on how this bidding war plays out and what broader market sentiment does from here.