CNN —

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 Monday in an interview with CNBC. "And we believe when they see what it currently in our offer, then that's what they'll vote for."

Ellison said WBD sharehol

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