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This isn't exactly what David Ellison had planned in September.

Just a few months ago, the Paramount Skydance CEO sent a letter to the Warner Bros. Discovery board of directors arguing a combination of the two media and entertainment companies made sense. That letter was the first of several that offered increasingly higher prices to acquire the company along with arguments of why the assets were better together.

Paramount's interest spurred a formal sale process — bringing Comcast and Netflix into the mix — which ultimately doubled the value of Warner Bros. Discovery shares and culminated, at least for the moment, in Paramount losing out in the bidding war it s

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