Paramount launched an all-cash tender offer Monday to acquire Warner Bros. Discovery for 30 per share, challenging a previously announced deal between WBD and Netflix.
The hostile offer sets up a furious battle between Paramount whose owner Larry Ellison is an ally of Donald Trump and streaming behemoth Netflix to buy one of Hollywoods most storied studios.
Netflix shocked the industry last week by announcing it had sealed an agreement to buy the Warner Bros. studio, drawing bitter reactions from voices in Hollywood worried about the future of their industry.
