Having presumably choked on splashy “ Netflix buys Warner Bros.! ” headlines all weekend, Paramount Skydance battled back Monday morning with news of its own: The David Ellison–led company is launching a hostile takeover bid for Warner Bros. Discovery . “We’re really here to finish what we started,” Ellison told CNBC. Having lost the initial bidding war to CEO Ted Sarandos at Netflix, Ellison will appeal directly to WBD’s shareholders with the exact same offer the company’s board rejected last week. After decrying that bidding war as “tainted” in a letter sent by lawyers last week, David Ellison, no. 1 boy of centibillionaire Oracle exec Larry, has gone full Kendall Roy on the situation. Let’s break down what it means for WBD, Netflix, and Paramount going forward.

Hostile takeov

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