NEW YORK (AP) — Paramount on Monday launched a hostile takeover offer for Warner Bros. Discovery, initiating a potentially bruising battle with rival bidder Netflix to buy the company behind HBO, CNN and a famed movie studio along with the power to reshape much of the nation’s entertainment landscape.

Emerging just days after top Warner managers agreed to Netflix’s $72 billion purchase, the Paramount bid seeks to go over the heads of those leaders by appealing directly to Warner shareholders with more money — $74.4 billion — and a plan to buy all of Warner’s business, including the cable business that Netflix does not want.

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