Paramount is launching a hostile bid to acquire Warner Bros. Discovery after it lost to Netflix in a high-stakes bidding war, the company announced Monday, setting the stage for a corporate drama worthy of "Succession."

Paramount said it would offer $30 per share for the media conglomerate, which owns the Warner Bros. film studio, the cable channel HBO, the streaming service HBO Max and a portfolio of cable brands.

In a federal securities filing , Paramount said the hostile bid will be backed in part by funds from Saudi Arabia, Qatar, the United Arab Emirates as well as Affinity Partners, an investment firm founded by Jared Kushner, President Donald Trump's son-in-law.

The bid comes after Netflix agreed last week to buy a large part of Warner Bros. Discovery's studio and streamin

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