A letter from Paramount’s chief executive, David Ellison, to Warner Bros.’ board of directors reveals weeks of talks between the companies.

The Warner Bros Discovery board on Tuesday rejected a Paramount Skydance offer of nearly $24 per share to buy the company, a source familiar with the matter said.

Media reports indicate that Paramount Skydance CEO David Ellison is in talks to acquire the combined company before its planned separation into Warner Bros and Discovery Global.