The battle for the future of Hollywood is heating up this morning after Paramount mounted a hostile bid worth US$108 billion for Warner Bros Discovery, just days after Netflix agreed to buy out the media giant.

Paramount says it's taking its bid straight to Warner Bros shareholders, asking them to reject the Netflix deal valued at more than US$70 billion. 

Then, former deputy prime minister Barnaby Joyce has formally joined One Nation, after leaving the Nationals last month.The Member for New England intends to run on One Nation's Senate ticket for New South Wales at the next federal election.

Recap the morning's news, politics and global affairs with the Breakfast Wrap.