Paramount Skydance on Monday made a $108.4 billion hostile takeover offer for all of Warner Bros. Discovery, with its all-cash bid coming just three days after Netflix agreed to buy a part of Warner Bros. in a deal valued at $82.7 billion.

Warner Bros. Discovery "shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company," Paramount Skydance CEO David Ellison said in a statement.

"Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion," he said.

Paramount Skydance is the parent company of CBS News.

The new offer steps up the battle over the future of Warner Bros. Discovery, which on Friday

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