Allies of Paramount Skydance CEO David Ellison, pictured above, argue he’s the only Warner Bros. Discovery suitor who would pass muster with Trump administration regulators. Matt Baron/BEI/Shutterstock

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free here .

Paramount Skydance CEO David Ellison is “undeterred” after Warner Bros. Discovery rebuffed his first three offers to buy the media giant, according to a person who has been advising Ellison.

The next move is unknown. But both Ellison and Warner Bros. Discovery CEO David Zaslav are playing their parts perfectly in this M&A struggle over one of the biggest media companies in the world.

Warner Bros. Discovery, the parent of CNN, HBO Max, DC Comics, Cartoon Network, and a

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