The exact same road that generally leads to the same sort of problematic consolidation?

At best, WBD could have gone bankrupt and a court order could require it to be sold as parts with no one studio getting a significant chunk, scattering WBD's IP moat across many competitors.

But most likely it just means someone like Netflix would have the chance to make a smaller offer for the same kind of deal on a WBD with a worse negotiating position. Same consequences, different day.