Paramount launches rival bid for Warner Bros Discovery

The Hollywood battle to buy Warner Bros Discovery is shaping up to be a blockbuster.

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Paramount, which is backed by the billionaire Ellison family, said it was making a direct offer to shareholders of $30 (£22.50) per share to scoop up the whole of Warner Bros, including its traditional television networks.

It said its proposal was a "superior alternative" to Netflix's, delivering more cash upfront to shareholders and greater prospect of approval by regulators.

President Donald Trump has said "there could be a problem" with Netflix's purchase, pointing to competition concerns given the size of the companies.

Paramount is a smaller player than Netflix that is known for brands such as CBS News, Nickelodeon and Mission Impossible.