One of the biggest dramas in Hollywood in the past year has been the fight over Warner Brothers Discovery.

Warner Brothers Discovery announced today that it is putting itself up for sale.

Paramount made three bids to buy the company over the past couple of weeks here.

It first offered $19, then raised that to $22.

Warner Brothers Discovery has entered exclusive negotiations to sell its film and TV studios

and HBO Max streaming service to Netflix.

In December, Warner announced that it had accepted Netflix's offer of $72 billion.

The Warner Brothers bidding saga seemed to finally come to an end.

Only, Paramount still refused to take no for an answer.

Tonight, a plot twist in a Hollywood blockbuster deal.

Paramount Skydance is challenging Netflix with their own offer to purchase.

Our colleague Joe Flint has been following the whole story.

Netflix had a deal with Warner, but Paramount refused to throw in the towel.

And they kept coming back with more offers. And even though none of these offers they were making were really moving the towel. And they kept coming back with more offers. And even though none of these offers they

were making were really moving the needle for Warner. They were making offers. They were lobbying

lawmakers to argue against Netflix. They clearly were not going down without a fight. And finally,

last week, they made an offer to borrow from a Paramount Classic, an offer that Warner

couldn't refuse.

That offer was the ninth one from Paramount Skydance's CEO, David Ellison.

What does this tell you about how important this deal was to

Paramount? This deal is almost, one could say, was a make or break for the whole Ellison strategy.

And they felt that Paramount on its own didn't have the size and scale to compete with a Netflix, a Disney,

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