In a dramatic escalation of Hollywood’s biggest takeover battle in years, Paramount Skydance has launched a $108.4 billion hostile bid for Warner Bros Discovery (WBD), positioning itself directly against Netflix’s offer for the storied studio and its streaming assets.

The all-cash proposal — $30 per WBD share — was unveiled publicly after Paramount claimed that repeated private efforts to engage with WBD’s board had failed. The company says it submitted six proposals over 12 weeks, prompting its decision to take the offer straight to shareholders. Advertisement

Paramount argues that its offer delivers “superior value, and a more certain and quicker path to completion” than Netflix’s $83 billion bid, which WBD accepted last week but has since drawn significant criticism from investors.

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