David Ellison fights back as Paramount launches a hostile bid for Warner Bros. Discovery

• Paramount Skydance got outbid by Netflix for Warner Bros. Discovery's streaming and studio assets.
• The Netflix-Warner Bros. mega-merger is the largest in years and could upend Hollywood.
• Paramount Skydance has launched a hostile bid for the company.

Paramount Skydance isn't ready to give up the fight for Warner Bros. Discovery.

The David Ellison-run company just launched at $30 offer for all of WBD, even though Netflix agreed to buy WBD's streaming and studio assets last week.

Paramount's lawyers sent a letter saying that "WBD appears to have abandoned the semblance and reality of a fair transaction process," CNBC reported on Thursday. That was the first sign that Ellison and company would make a pitch to Netflix shareholders directly.

Warner Bros. Discovery owns the Warner Bros. film studio, HBO, HBO Max, and TV networks like CNN, TNT, and TruTV.

Paramount Skydance controls film studio Paramount Pictures, streamers Paramount+ and Pluto TV, broadcast network CBS, and cable channels like Comedy Central and MTV.

This story will be updated.