Paramount Skydance has offered to buy Warner Bros Discovery against Netflix’s plan to buy the company’s studio and streaming networks.

BBC quoted Paramount, which is backed by the billionaire Ellison family, saying it was making a direct offer to shareholders of $30 per share to scoop up the whole of Warner Bros, including its traditional television networks.

It stated that its proposal was a “superior alternative" to Netflix.

“We’re sitting on Wall Street, where cash is still king," Ellison told CNBC in an interview Monday. “We are offering shareholders $17.6 billion more cash than the deal they currently have signed up with Netflix. And we believe when they see what is currently in our offer, then that’s what they’ll vote for."

According to CNN, Paramount offered $30 per share in an

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