While Apple could handily out-bid Paramount Skydance for WB-Discovery and there would not be anti-trust issues, Larry Ellison is very tight with the Administration so anti-trust isn't really a deal-breaker if he wants the whole company.
Also, does Apple want to own cable networks like CNN and HGTV?
My guess is if Ellison primarily wants the film and television studios, CNN and the cable networks, then I could see a deal where Apple buys WB's back catalog of film and produced TV shows (perhaps with the DC universe IP staying with the studio).