Of course, just because someone is working on a deal for a company, and it leaks to The Wall Street Journal, doesn’t mean a term sheet is coming all that soon. Putting together an unsolicited bid takes time, which is probably why it’s late Wednesday and David Ellison has yet to bid on Warner Bros. Discovery. After all, this deal would be plenty complicated no matter how you slice it. First, it’s only been a month since the Ellisons and RedBird Capital took control of Paramount Skydance. Yes, they’ve had more than a year to contemplate what they would do with these assets, but that’s quite different from actually having the reins, making things happen, and implementing a new strategy. Meanwhile, two months have passed since the rumors started percolating that Paramount Skydance was going to acquire Bari Weiss’s The Free Press for around $150 million, and that deal has yet to be finalized and announced. Even at Sun Valley, few things happen overnight.