Paramount Skydance on Monday launched a hostile bid worth $108.4 billion US for Warner Bros. Discovery, throwing a wrench into the deal with Netflix in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant.

The streaming giant had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72-billion equity deal for Warner Bros. Discovery's TV, film studios and streaming assets.

The announcement comes less than a day after U.S. President Donald Trump told reporters that a Netflix-Warner Bros. combination could raise market share concerns for regulators.

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