The battle for Warner Bros. Discovery is officially underway. Offers are being made. Banks have been hired. Who will wind up with the treasure trove of IP, HBO, and abundant cable TV cashflow? Will it sell as one piece? Or will it be broken up into studios and networks? The clock is ticking.

Here’s an early read on the state of play (and some odds on favorites):

Paramount: 2 to 1 odds: CEO David Ellison really, really, really wants Warner Bros. Discovery, as evidenced by multiple offers over the past month or so. Ellison’s pitch, that his company would have fewer regulatory hurdles owing to the Ellison family relationship with Donald Trump, is worth considering by the WBD board, but if a bidding war ensues, he is also positioned to sweeten the pot for the whole thing.

The battle for

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