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Paramount, backed by billionaire Larry Ellison, has made a bid to acquire Warner Bros. Discovery in a deal that would dramatically reshape Hollywood.

Warner Bros. Discovery’s board rejected the initial $20-per-share offer, but negotiations continue as Paramount prepares a second bid.

The potential merger would combine iconic brands including HBO, CNN, and Warner Bros. studio, with Warner Bros. Discovery valued at $42 billion.

Paramount, backed by billionaire Larry Ellison and his family, has officially opened the bidding for rival Warner Bros. Discovery — a potential massive merger that would dramatically change Hollywood.

Warner Bros. Discovery’s board rejected Paramount’s initi

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