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Now, the real jockeying begins for the future of Warner Bros. Discovery.

Paramount, Comcast and Netflix are each expected to submit proposals for all or parts of the storied media giant by Thursday’s deadline, according to people familiar with the process but not authorized to speak publicly. The nonbinding bids mark the completion of the auction’s first phase , accelerating the potential sale of some of the best-known brands in entertainment, including HBO, CNN and Warner Bros. film and television studio.

Warner Bros. Discovery Chief Executive David Zaslav and the company’s board have unanimously rejected three earlier overtures from Paramount’s David Ellison, including a la

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