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Warner Bros. Discovery has officially acknowledged the company is up for sale, marking the third time in the last decade the storied assets have been on the auction block.

The company’s board announced Tuesday that it has initiated “a review of strategic alternatives ... in light of unsolicited interest the Company has received from multiple parties for both the entire company and Warner Bros.”

The Ellison family, which own Paramount, started the bidding late last month . With financial backing from his father, Larry Ellison, David Ellison is looking to build an entertainment juggernaut and has made at least one offer for its rival. Paramount wants to buy the entire company, in

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