Group 1 - Warner Bros Discovery Inc. has rejected Paramount Skydance Corp.'s initial takeover offer of approximately $20 per share as being too low [1][2] - Paramount has several strategies to pursue Warner Bros., including increasing its bid, going directly to shareholders, or seeking financial backing [2][4] - Warner Bros. shares closed at $17.10, giving it a market value of $42.3 billion, while Paramount shares were valued at $17, totaling $18.6 billion [3] Group 2 - David Ellison, who took over Paramount after an $8 billion merger with Skydance Media, is exploring options for the acquisition of Warner Bros. [3][4] - Paramount is in discussions with Apollo Global Management for potential financial support in its bid for Warner Bros. [4] - Warner Bros. plans to split into two distinct businesses focused on cable TV and streaming/studios, which is expected to be completed next year [4][5] Group 3 - Warner Bros. CEO David Zaslav believes that separating the streaming and studios businesses from the cable networks will yield a significant premium [5] - Ellison must persuade Zaslav that selling before the separation does not result in a loss of potential value [5]