Warner Bros. Discovery is itself a product of a 2022 acquisition, pairing the legendary Warner Bros.’s content library and associated movie and television businesses (including prestige TV streamer HBO Max and cable news channel CNN) with Discovery’s popular reality TV offerings.

Warner Bros. Discovery has rejected three separate takeover bids from Paramount, including one for nearly $24 per share that was 80% cash and 20% stock, according to CNBC.

Warner Bros. Discovery — the home of HBO, CNN and DC Studios — has signaled that it may be open to selling all or parts of its business, just months after announcing plans to split into two companies.

Paramount Skydance CEO David Ellison is reluctant to “overpay” for his larger rival Warner Bros. Discovery – and the Hollywood mogul believes there are good reasons he probably won’t have to go much over $25 a share,

David Ellison's Paramount Skydance wants to acquire Warner Bros. Discovery, which says it's evaluating multiple options. Here's what a combined Paramount-WBD would look like.