Just days after Netflix reached a $72 billion takeover deal with Warner Bros. Discovery, Paramount has gone hostile in a bid for the latter company, according to the Associated Press.
Paramount on Monday said it is going straight to Warner Bros. shareholders with a bid worth roughly $74.4 billion, or $30 per share in cash. Unlike Netflix, Paramount is also offering to purchase Warner Bros.’ cable assets.
Paramount is asking shareholders of Warner Bros. to reject the Netflix bid and said its offer is worth around $18 billion more.
Warner Bros. had previously rejected this same bid in favor of the offer from Netflix in a merger that would remake the U.S. entertainment industry.
