(L-R:) Warner Bros. Discovery CEO David Zaslav; Paramount Skydance CEO David Ellison. Emma McIntyre/Getty Images/Evan Agostini/Invision/AP New York —

Paramount Skydance on Monday launched a hostile takeover bid for Warner Bros. Discovery, moving directly to appeal to shareholders with an all-cash offer that it says represents better value than the $72 billion deal Netflix and WBD announced Friday.

A hostile takeover occurs when a company makes an unsolicited offer to buy another company’s shares. The move tends to be explicitly against the wishes of the target company’s management.

That’s exactly what Paramount is looking to do. “We are offering shareholders $17.6 billion more cash than the deal they currently have signed up with Netflix,” Paramount CEO David Ellison said Mon

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