In a plot twist, Paramount made a hostile takeover bid for Warner Bros. Discovery this morning just days after the company agreed to sell major assets to Netflix . The company bypassed Warner Bros. Discovery’s board and went straight to shareholders, arguing Netflix’s offer is inferior.

Paramount is offering $30 per share in cash, valuing Warner Bros. Discovery at roughly $108 billion, and says its proposal would face fewer regulatory hurdles. Paramount’s offer doesn’t just include the studio and streaming business; but also cable networks like CNN.

The bid sets up a showdown between two entertainment giants, with shareholders now holding the power to decide which future Hollywood gets.

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