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 is 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 oper

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