Among the more notable flameouts was the hostile takeover of TWA by Icahn in 1986. The contest began with Icahn’s quest to drive up the price of the TWA stock he was holding, but he surprised the market by actually trying to run the airline.

Paramount has launched a hostile takeover bid for Warner Brothers Discovery just days after Netflix announced an $83 billion deal to purchase the studio. In a press release, Paramount calls their bid a superior deal and decided to take it straight to shareholders.

What Happened? Shares of multinational media and entertainment corporation Paramount (NASDAQ:PSKY) fell 2.4% in the afternoon session after several analysts issued “Sell” ratings amid concerns about the company's valuation following its hostile bid for Warner Bros.