Paramount Skydance’s tender offer for Warner Bros. Discovery emerged from months of fitful courtship, a shifting media landscape, and a high‑stakes bidding war that ultimately pitted the studio behind “Top Gun: Maverick” against streaming giant Netflix for control of one of Hollywood’s crown jewels. The company’s tender offer regulatory filing with the Securities and Exchange Commission, filed hours after Paramount launched a hostile bid worth $108 billion (or $77.9 billion in equity), laid out a detailed chronology in which Paramount repeatedly tried to lure Warner Bros., to no avail. Netflix and Warner Bros. agreed a deal worth nearly $83 billion ($72 billion in equity) on Friday.

The filing revealed Paramount CEO’s last-ditch text message to WBD counterpart David Zaslav at roughly 4pm

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