On Wall Street, even the losers are winners in the battle for Warner Bros. Discovery

"The battle for WBD played out amid a pivotal backdrop for Wall Street: a period investment banks hope will mark a full-throated M&A rebound, in which just landing a role on a deal of this size is as useful for one's street cred as actually winning it. Even advisers on the losing side will walk away with hefty fees, boardroom credibility, and proof they belong on the biggest mandates of the coming year."

"Some of the country's biggest lenders and most elite advisory firms pitched in - from JPMorgan Chase and Centerview Partners, to Wells Fargo Securities and more. It began in December when Netflix launched an $82.7 billion bid for select WBD assets - an offer that was later upended by a counteroffer from David Ellison's Paramount Skydance, valuing the media giant at about $111 billion including debt."

The Warner Bros. Discovery acquisition battle between Paramount Skydance and Netflix represented a major test for Wall Street's top investment banks and advisory firms. Netflix initially bid $82.7 billion for select WBD assets in December, but Paramount Skydance countered with an $111 billion offer including debt. The transaction involved elite firms including JPMorgan Chase, Centerview Partners, Wells Fargo Securities, Bank of America, and Citi. Nearly half of Business Insider's top 20 dealmakers participated in the deal. Investment banks benefited significantly through substantial fees and enhanced credibility, with even losing advisers gaining valuable boardroom experience and proof of capability for future major mandates.

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