Hollywood history is a trail littered with cautionary tales, and Netflix's Greg Peters and Ted Sarandos have framed a lose-lose coin toss for the Ellisons.

It's difficult to think of a media company that had quite a year like Paramount did. From a giant merger, a controversial settlement, a canceled late-night show to overhauling CBS News, Paramount had a roller coaster year that lasted right up to the end of ...