Some of the biggest names in tech and Hollywood are training their sights on Warner Bros. Discovery, the media and entertainment conglomerate that owns HBO Max, CNN and TNT.

The first party to make an offer was Paramount Skydance, the newly-merged company helmed by David Ellison.

On today’s Big Take podcast, Bloomberg’s Lucas Shaw joins host David Gura to share his reporting on why Ellison wants to buy Warner Bros. Discovery — and what more consolidation would mean for Hollywood, the news business and consumers.