Hollywood is gearing up for its most consequential bidding war in years as first-round offers for Warner Bros. Discovery (NASDAQ:WBD) arrive on Thursday, drawing in some of the biggest names in entertainment.

With the studio’s valuation soaring and its assets suddenly back in vogue, it’s a striking turn for a company that has already cycled through three owners in seven years.

David Ellison Starts The Fire

The HBO studios owner put itself up for sale last month, and now reportedly faces three very different suitors: Paramount Skydance (NASDAQ:PSKY), Comcast (NASDAQ:CMCSA), and, most unexpectedly, Netflix (NASDAQ:NFLX). The world's largest streamer, famously allergic to major acquisitions, is now contemplating one of the biggest deals in Hollywood history.

But it was Paramount’s new owner, David Ellison, who set the whole thing in motion.

Barely weeks after closing his $8 billion takeover of Paramount, the 42-year-old tech-scion-turned-studio boss had reportedly already lobbed in three bids for Warner Bros. Discovery, reaching as high as $23.50 a share—an eye-watering ...