NEW YORK (AP) — Paramount has gone hostile in its bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company just days ago.

Paramount said Monday that it is going straight to Warner Bros. shareholders with a bid worth about $74.4 billion, or $30 per share in cash. Paramount, unlike Netflix, is also offering to buy the cable assets of Warner Bros., and asking shareholders of the company to reject the Netflix bid.

It said its offer is worth about $18 billion more than the competing bid from Netflix, which it says is based on an "illusory prospective valuation" of those cable assets.

It is the same bid that Warner Brothers rejected in favor of the offer from Netflix in a merger that would alter the U.S. entertainment landscape.

Paramount

See Full Page