Paramount is targeting up to $6 billion in cost savings if it acquires Warner Bros Discovery by eliminating “duplicative operations across all aspects of the business,” said chief strategy and chief operating officer Andy Gordon.

He was queried about that sizable stat on a call with Wall Street after Par unveiled a hostile takeover offer for WBD. An analyst noted years of deep cuts and rounds of layoffs at both companies, including at the newly merged Paramount Skydance and wondered what was left to do.

WBD rebuffed six offers from Paramount and chose instead to sell its studio and streaming assets to Netflix in an agreement announced Friday.

Paramount took its offer, for $30 a share in cash. directly to stockholders, giving them until an initial Jan. 8 deadline to tender their shares.

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