KEY TAKEAWAYS:

Paramount offers $74.4B to acquire Warner Bros. Discovery, outbidding Netflix .

Bid includes all Warner businesses, including cable networks Netflix excludes.

Deal draws political attention; Trump and advisors may influence antitrust review.

Paramount cites stronger Hollywood competition and creative benefits as key rationale.

Paramount on Monday launched a hostile takeover offer for Warner Bros. Discovery, initiating a potentially bruising battle with rival bidder Netflix to buy the company behind HBO , CNN and DC Studios , and the right to reshape much of the nation’s entertainment landscape.

Emerging just days after top Warner managers agreed to Netflix’s $72 billion purchase, Paramount’s bid seeks to go over the heads of those leaders by appealing dire

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