Netflix gets outbid: Paramount makes hostile bid for Warner Bros

Paramount Skydance (PSKY.O) on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery (WBD.O), opens new tab, in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant.

Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery’s TV, film studios and streaming assets. But Paramount’s latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly.