The fight in Hollywood to buy Warner Bros Discovery is shaping up to be a blockbuster.

Paramount Skydance, backed by the billionaire Ellison family, has been wooing Warner Bros for months, hoping to join forces with the storied Hollywood name as the media company struggles to compete with the likes of Netflix and Disney.

So far, Warner Bros has spurned its proposals. Then it announced a deal to sell the most valuable parts of its business - its studio and streaming divisions - to Netflix instead.

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