Ever since the media mogul John Malone helped persuade David Zaslav to leave NBC and become the CEO of Discovery Communications, the executive has defined his leadership by dealmaking. He acquired Scripps Networks to try and build a reality-driven entertainment giant, and forged the deal for WarnerMedia over golf emojis with AT&T CEO John Stankey.

But the next few months will be a critical one, as Zaslav grapples with what will be his most consequential deal yet: Does he sell? Or does he split?

Paramount CEO David Ellison has made no secret about his desire for Warner Bros. Discovery in private conversations with Hollywood power players, but his initial approach of $20 per share was dismissed by WBD, Bloomberg reported over the weekend.

Ever since the media mogul John Malone helped

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