Paramount has launched a $108.4bn (£81bn) hostile bid for Warner Bros, challenging Netflix, which had reached a $72bn (£54bn) takeover deal with the company.

Paramount said on the 8th of December that it was going straight to Warner Bros Discovery (WBD) shareholders with its cash offer for the entirety of the company, including its Global Networks segment, asking them to reject the deal with Netflix.

On Friday Netflix struck a deal to buy WBD, the Hollywood giant behind "Harry Potter" and HBO Max