The long battle over control of Warner Bros. Discovery took another turn Monday when Paramount Skydance announced a hostile bid for the entertainment giant, following Warner’s acceptance of a competing offer from Netflix last week.

Paramount, which many once deemed the frontrunner in the original bidding war, announced a tender offer that tops the Netflix bid by $2.25 per share, appealing directly to shareholders. That adds another layer of complexity to the deal, which will see a significant consolidation of Hollywood’s power players, no matter who ends up on top.

With all the back and forth, it’s easy to have lost track of who’s proposing what. Here’s a rundown of what you need to know.

What is Paramount Skydance offering for Warner Bros. Discovery?

Monday’s bid, the sixth by Paramou

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