What happened

Paramount Skydance Monday launched a hostile bid for Warner Bros. Discovery, seeking to undo Netflix’s purchase of Warner’s studio and streaming businesses. Paramount said its $77.9 billion all-cash bid for the whole company, including CNN, offered better value to shareholders than the $72 billion purchase price agreed to by Netflix and Warner on Friday. It was Paramount chief David Ellison’s sixth bid for the company in 12 weeks.

Who said what

“We’re really here to finish what we started,” Ellison told CNBC Monday. His debt-heavy offer was backed by his father, billionaire Larry Ellison — a friend of President Donald Trump — and Trump son-in-law Jared Kushner’s Affinity Partners, among other investors. “Presidents are not supposed to influence the regulators who review

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