The saga of who will wind up with control of Warner Bros . is only getting started. Days after Netflix announced a deal to buy the venerated movie studio and its streaming service, Paramount has launched a hostile takeover bid for the company.

While Netflix only trying to buy the Warner Bros. half of Warner Bros. Discovery, Paramount’s bid is for the entire conglomerate, which includes linear cable channels like CNN, TBS, and TNT.

According to The New York Times , “ Paramount said it would pay $30 per share in cash, valuing the company at around $108 billion, including debt. It said it was going to shareholders because the board of Warner Bros. Discovery is ‘pursuing an inferior proposal’ that would lead to ‘a challenging regulatory approval process.’”

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