Ed Ludlow

This is the state of play.

This morning, Paramount Skydance comes in with a hostile bid at $30 per share for the entirety of Warner Brothers Discovery.

At the end of last week, Netflix had come in with an offer of $27.75 a share, but that was largely for the streaming and studio businesses

with the plan that Warner Brothers Discovery, who entered into those talks with Netflix, would divest and spin off some of the remaining legacy cable units.

There is so much to discuss in this.

The financing in both senses.

Where is it coming from?

And what does the president of the United States have to say about it, Cara?

There are so many angles to get into.

Let's go to our key reporter on all of this, Bloomberg's entertainment reporter, Lucas Shaw.

You head the entertainment coverage for this network.

And I'm interested, what's the standout for you?

Because we are unfolding who's behind the money, what's behind the attitude to go hostile.

Take us there first.

I guess the part that stands out to me is that David Ellison is coming back and going hostile with the same bid that was just rejected by the board rather than sweetening the offer.

Paramount Skydance has now made six different attempts at buying Warner Brothers Discovery.

They've been rejected every single time.

But they are adamant and have been for days now that their offer is better than Netflix's, that the board is not factoring in certain things.

They're confused by the valuation on the cable networks, for example, which would be spun off in the Netflix scenario.

And so they're not going down without a fight.