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.

RELATED STORIES • Netflix to acquire Warner Bros. studio, streaming business in industry-shaking move

Netflix to acquire Warner Bros. studio, streaming business in industry-shaking move

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

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