Paramount launches hostile bid for Warner Bros. Discovery despite Netflix deal

Paramount is launching a hostile bid to acquire Warner Bros.

Paramount is launching a hostile bid to acquire Warner Bros. Discovery after it lost to Netflix in a high-stakes bidding war, the company announced Monday, setting the stage for a corporate drama worthy of "Succession."

Paramount said it would offer $30 per share for the media conglomerate, which owns the Warner Bros. film studio, the cable channel HBO, the streaming service HBO Max and a portfolio of cable brands.

In a federal securities filing, Paramount said the hostile bid will be backed in part by funds from Saudi Arabia, Qatar and the United Arab Emirates, as well as Affinity Partners, an investment firm founded by Jared Kushner, President Donald Trump's son-in-law.

Netflix agreed last week to buy a large part of Warner Bros. Discovery's studio and streaming assets for $27.75 per share. Netflix's takeover would not include the Warner-owned cable channels, which include CNN and TNT.

The offer lays the groundwork for what could become a public and contentious battle for Warner Bros., a process that had already included appeals to Trump, who said he intends to play a role in any merger.