A full-blown bidding war has erupted in Hollywood after Paramount Global, controlled by media scion David Ellison, launched a hostile all-cash offer for Warner Bros. Discovery (WBD), just days after the company agreed to be acquired by Netflix in a $72 billion transaction.

Paramount has now bypassed the WBD board and gone directly to shareholders, escalating the fight for control of one of the world’s most formidable entertainment empires.

The competing offers at a glance

Paramount’s tender offer values WBD at about $74.4 billion, offering shareholders $30 per share in cash. This compares with Netflix’s agreed bid of $27.75 per share, which is structured as a mix of cash and stock, with shareholders also retaining a stake in WBD’s linear television spin-out.

Crucially, Netflix is only

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