Launches bid to acquire for $30 per share

Paramount launched an all-cash tender offer Monday to acquire Warner Bros Discovery for $30 per share, challenging a previously announced deal between WBD and Netflix.

The offer values the entertainment giant at $108.4 billion and represents a 139 per cent premium over WBD's September stock price of $12.54, Paramount said in a statement that called Netflix's bid "inferior and uncertain."

"WBD shareholders deserve an opportunity to consider our superior all-cash offer," said David Ellison, chairman and CEO of Paramount.