Paramount CEO David Ellison. (Photo: X/@HighyieldHarry)

Paramount Skydance has launched a hostile $108.4 billion bid for Warner Bros Discovery, moving directly to shareholders after the company rejected its earlier offers in favour of a deal with Netflix.

Netflix had secured a $72 billion equity agreement on Friday for Warner Bros Discovery’s TV, film and streaming assets, including HBO and DC Comics. The deal carries a $5.8 billion break-up fee and is expected to face antitrust scrutiny.

US President Donald Trump has flagged potential concerns over Netflix’s planned $72bn deal to buy Warner Brothers Discovery’s movie studio and popular HBO streaming networks.

The hostile move by Paramount means the months-long competition for Warner Bros Discovery is not over.

Paramount takes off

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