Who will win Warner Bros bidding war?

Warner Bros Discovery, the media giant that owns HBO, CNN and the Warner Bros movie studio, has been sold and renamed three times since the turn of the century. Here comes the fourth.

- BENJAMIN MULLIN LAUREN HIRSCH NICOLE SPERLING

The company announced plans to consider a sale last month, and the deadline for initial bids is today. Three heavyweights — Netflix, Comcast and Paramount — are expected to pursue all or part of the company to cement their primacy in Hollywood.

Each of the three companies is preparing arguments for why it is the best option, according to several people with knowledge of their plans. And the arguments are not just about money (though a lot of them are about money). They are also about politics. The deal, like all major mergers and acquisitions, will need approval from federal enforcers, and President Donald Trump has often made clear his preferences for media ownership.

The bidders will need to make a persuasive case to Warner Bros Discovery's board of directors that they can navigate the financial and regulatory hurdles. Here is the situation facing the three of them:

DEEP POCKETS, TRUMP TIES

Paramount, the conglomerate behind CBS News, films like Top Gun and fading cable networks like MTV, is widely viewed as the front-runner in the bidding contest. And that is because of its financial and political advantages.

David Ellison, who took control of Paramount in August, is putting together a bid with backing from his billionaire father, Oracle co-founder Larry Ellison, giving him access to a deep well of cash not as easily available to his competitors.

The older Mr Ellison is also a longtime supporter of Trump. The Trump administration gave its blessing to the Ellison family’s takeover of Paramount, and the president has praised the younger Mr Ellison in briefings with reporters.