The move comes after Netflix agreed a mega deal to buy Warner Bros Discovery.

Paramount has launched a hostile bid for Warner Bros Discovery in an attempt to derail the firm’s agreed 72 billion dollar (£54 billion) deal with Netflix.

Paramount said it was offering 30 dollars (£22.50) a share in cash for the whole of Warner Bros and would take the bid straight to investors, asking them to reject the deal with Netflix.

Paramount’s offer values Warner Bros at 108.4 billion dollars (£81.3 billion) including debts, trumping Netflix’s 27.75 dollars (£20.81) per share offer, which values Warner Bros at 72 billion dollars (£54 billion), or 82.7 billion dollars (£62 billion) including debts.

US streaming giant Netflix said last Friday it had agreed to buy the Warner Bros Discovery film and TV s

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