David Ellison is not going away quietly in his quest to land Warner Bros. Discovery .

On Monday, Ellison’s Paramount Skydance announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of WBD for $30 per share — the same terms it offered in its Dec. 1 bid submitted to the Warner Bros. Discovery’s board. Paramount’s proposed transaction is for the entirety of WBD, including the TV business with CNN, TBS, TNT and other networks.

Paramount’s announcement comes after Netflix and WBD revealed their binding agreement Friday under which Netflix would buy Warner Bros.’s studio operations and HBO Max for $72 billion (with an enterprise value of $82.7 billion).

According to Paramount, its all-cash offer equates to an enterprise value of $108.4 billion (in

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