Not so fast, Netflix. Paramount launches hostile bid for Warner Bros. Discovery

Paramount, led by CEO David Ellison, has launched a hostile takeover bid for Warner Bros. after it agreed to sell its film and television studio properties to Netflix.

Paramount has launched a hostile bid for the company that's home to Casablanca, Batman and CNN. Just Friday, Netflix and Warner Brothers executives were celebrating a deal they had struck.

(Image credit: Evan Agostini/Evan Agostini/Invision/AP)