Paramount Skydance CEO David Ellison explained that his merger offer to Warner Bros. Discovery stockholders would save the theatrical movie business .

Ellison’s all-cash offer of $30 per share follows Netflix’s offer, which WBD accepted, for $27.75 per share. Paramount Skydance provided this offer earlier this year but “never got a response” from WBD, according to Ellison. During an interview on CNBC News’s Squawk on the Street , Ellison defended why his offer is better for Hollywood than Netflix’s.

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