David Zaslav, president and CEO of Warner Bros. Discovery, would be out of a job if a deal is completed with Netflix or Paramount Skydance. Softening the blow: Zaslav stands to get hundreds of millions of dollars in cash and/or stock if WBD completes a sale to either company,

Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.

Paramount sent a letter from CEO David Ellison addressed to Warner Bros. Discovery shareholders that 'clearly sets out why Paramount’s $30.00 per share all-cash offer to acquire all of WBD is superior to WBD’s transaction with Netflix.

CNN staffers tell Fox News Digital the mood in the newsroom is "grim" over the prospects of Paramount owner David Ellison buying its parent company Warner Bros. Discovery.

The offer comes days after Netflix struck a deal to acquire Warner Bros. Discovery's studio and streaming assets. Paramount's hostile bid is for the entire company.

Paramount's David Ellison said that if Warner Bros. Discovery's board took his current offer, it would be "admitting breach of fiduciary duty."

WBD stock is up 20% over the same period as David Ellison has brought his all-cash, $30 per share offer directly to shareholders

Paramount Skydance has launched a hostile bid to buy Warner Bros. Discovery. It comes after Netflix announced a merger with Warner Bros. Dec. 5.

Iger weighed in as Netflix and Paramount Skydance square off in a high-stakes battle for control of Warner Bros. Discovery.