By bizn_fun 
The bid from Paramount is the latest twist in a saga that started a few months ago, when Paramount started submitting offers to buy Warner Bros.
That eventually prompted Warner Bros, owner of HBO and classics from Looney Tunes to Harry Potter, to formally open a bidding process.
Warner Bros declared Netflix the winner of that auction on Friday, announcing a deal that valued its studio and streaming networks, including HBO, at about $83bn, including its debt.
It said the sale would proceed after a planned spin-off of other parts of Warner Brothers’ business, including CNN, into an independent company.
Paramount’s offer values the entire company at $108.4bn, which it said was a better deal.
In an interview on CNBC, Mr Ellison also talked up the benefits of his plan for the media industry, arguing that Netflix’s takeover of Warner Brothers Discovery would give one firm too much power over actors and other players in the industry.
“It’s a horrible deal for Hollywood,” he said.
Mr Ellison said he had had “great conversations” with Trump about the deal and believed the president cared about competition.