Paramount Skydance on Monday launched a hostile, $108.4 billion bid to buy Warner Bros. Discovery (WBD), days after Warner agreed to be acquired by Netflix for $82.7 billion.

Paramount is going straight to WBD’s shareholders with an all-cash offer of $30 per share, and it noted that its offer provides shareholders $18 billion more cash than the Netflix deal, which offered $23.25 in cash and $4.50 in Netflix shares for a total of $27.75 per share.

Paramount is bidding for all of WBD, while Netflix’s deal with the company only includes its Hollywood studios and streaming business.

CNBC reported on Monday that these were the very terms from Paramount that WBD’s board rejected a week ago.

“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholde

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