Paramount Skydance on Monday launched a hostile $108.4 billion bid for Warner Bros Discovery, disrupting the company’s tentative agreement with Netflix in a last-ditch attempt to create a media powerhouse capable of rivaling the streaming giant.

Netflix had appeared to clinch the deal on Friday after a weeks-long bidding battle with Paramount and Comcast, securing a $72 billion equity agreement for Warner Bros Discovery’s TV, film studio, and streaming businesses.

Paramount’s all-cash offer - valued at $82.7 billion including debt and carrying a $5.8 billion break-up fee payable by Netflix - is expected to face intense antitrust scrutiny.

The company has made several offers since September in its push to build an entertainment giant competitive with Netflix and tech players like Apple,

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