Paramount goes hostile in bid for Warner Bros., challenging a $72 billion bid by Netflix

NEW YORK (AP) — Paramount is making a hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company.

Paramount said Monday that it going straight to Warner Bros. shareholders with a $30 per share in cash offer for the entirety of Warner Bros. Discovery, including its Global Networks segment, asking them to reject the deal with Netflix.

On Friday Netflix struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind “Harry Potter” and HBO Max. The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months, after Warner completes its previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery.

But President Donald Trump said Sunday that the deal struck by Netflix to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share.