On Friday, there was big news in Hollywood.

One media juggernaut, Netflix, announced it was buying another giant, Warner Brothers Discovery, for $72 billion.

The streaming giant will acquire Warner Brothers Film Studio and streaming service HBO Max.

This is a deal that could reshape Hollywood, comprising some of Hollywood's most prized

movies and shows.

Look, this has seismic effects on the entire entertainment landscape.

But Netflix isn't the only company that's been courting Warner.

Over the past few weeks, another massive entertainment company, Paramount Skydance, has also been in hot pursuit.

And this morning, it went public with a hostile counteroffer.

Paramount launching a hostile takeover bid for Warner Brothers Discovery just days after

Netflix announced an $83 billion deal to purchase the studio.

Paramount, it's not done.

Paramount has upped its bid now for Warner Brothers.

It is now offering all cash at $30 a share, a bid that it says

is superior to Netflix's bid. This morning, I got on a call with my colleague Joe Flint,

who's been covering every twist in turn. And now it's kicked into Fifth Gear this morning.

Fifth Gear was right around 6 a.m.

my time, Los Angeles time,

when Paramount officially launched their hostile takeover

for Warner Brothers Discovery.

It's a heavyweight showdown between Netflix and Paramount

over one of Hollywood's most storied companies.

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