Wall Street is betting that a bidding war is brewing for Warner Bros. Discovery – and that, in turn, is slamming the shares of the two media giants that want to buy it, sources told On The Money.

Paramount Skydance is weighing whether to increase its $30-a-share offer as part of its “hostile takeover” strategy , sources close to the company said. That means arguing directly to WBD shareholders that its all-cash bid is better than Netflix’s winning $27.75-a-share cash-and-stock offer that relies on the sale of cable channels like CNN to push it above $30 a share.

Among the takers for Paramount Skydance’s offer was media investor Mario Gabelli, who announced Tuesday he was “highly likely” to tender his WBD shares to the owner of Paramount Studios and CBS.

But to bring more WBD stockhol

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