David Ellison’s Paramount Skydance is not giving up in its aggressive campaign to acquire Warner Bros Discovery (WBD), launching a hostile bid for the entertainment company despite the announcement on Friday that Netflix had agreed to buy its studio and streaming operation.

Netflix’s bid for WBD’s storied Hollywood movie studio, as well as its premier HBO cable network, valued the company at $82.7bn. But it did not agree to acquire WBD’s traditional television assets, including the news network CNN and the Discovery channel.

Paramount’s all-cash tender offer sent directly to shareholders on Monday morning would be for the entire company, and puts a total enterprise value of $108.4bn on WBD, a major premium to its stock price. ‘This merger must be blocked’: Netflix-Warner Bros deal fa

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