USA – On Monday Dec. 8, Paramount Skydance announced a $108.4 billion takeover bid for Warner Bros. Discovery (WBD), countering the Netflix offer at $30 per share in cash.

“Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment,” the media conglomerate said in a statement.

Paramount said its “strategically and financially compelling” offer to WBD shareholders provides a “superior alternative” to the Netflix’ offer, which offers “inferior and uncertain” value and exposes WBD shareholders to a “protracted multi-jurisdictional regulatory” clearance process with an “uncertain outcome along with a complex and volatile mix of equity and cash.”

Paramount CEO David Ellison said they believe his company’s offer will create a stronger Hollywood.

“It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction,” Ellison said.

On Friday, Netflix said it entered into an agreement with WBD to acquire Warner Bros., including its film and television studios, HBO Max, and HBO.

The cash-and-stock transaction was valued at $27.75 per WBD share, amounting to a $72 billion deal and a total enterprise value of approximately $82.7 billion.

The WBD board of directors has been repeatedly persuaded by Paramount that it is in the best interests of WBD shareholders to keep the company whole.

Antitrust concerns have been raised by Netflix’s proposed acquisition, particularly because it would combine two of the biggest streaming services. The Trump administration expressed “heavy skepticism,” according to CNBC, with President Donald Trump saying the combined market share of Netflix and HBO “could be a problem.”

US President Donald Trump also commented on the matter, saying his stance would depend on the percentage of the market Netflix and Paramount currently control.

“I want to do what’s right,” Trump told reporters during an economy-related roundtable meeting at the White House. “I know the companies very well. Know what they’re doing, but I have to see what percentage of market they have.”

“I mean, none of them are particularly great friends of mine,” the president said.

Critics say the deal could disrupt exhibition business, arguing Netflix does not prioritize theatrical releases.