Paramount is launching a hostile bid to acquire Warner Bros. Discovery after the company lost to Netflix in a high-stakes bidding war, the company announced Monday.

Paramount said it would offer $30 per share for the media conglomerate, which owns the Warner Bros. film studio, the cable channel HBO, the streaming service HBO Max and a portfolio of cable brands.

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Netflix agreed last week to buy a large part of Warner Bros. Discovery's studio and streaming assets for $27.75 per share. Netflix's takeover would not include the Warner-owned cable channels.

In a news release, Paramount said its offer to Warner Bros. shareholders "provides a superior alternative to the Netflix transaction," warning that a deal with th

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