Paramount Skydance launched a hostile bid to acquire Warner Bros. Discovery (WBD) at a total value of $108.4 billion, with its offer coming just days after Netflix had agreed a takeover.

Paramount stated its bid, at $30 per share in cash, is for the entirety of WBD, including its Global Networks Segment which houses its traditional television portfolio.

Netflix’s bid, valued at $82.7 billion, was just for Warner’s studio and streaming assets. The streaming giant beat off competition from Paramount and Comcast last week, winning a protracted bidding auction.

However, Paramount’s latest offer has been made directly to shareholders.

In a statement, Paramount described its offer as a “superior alternative” to the Netflix transaction, with the offering for the entirety of WBD providing shareholders $18 billion more in cash than the Netflix offer.

As well as “inferior and uncertain value”, Paramount said Netflix’s bid exposes WBD shareholders to a “protracted multi-jurisdictional regulatory clearance process”.

US President Donald Trump too hinted at a protracted regulatory process, stating the Netflix, WBD tie up “could be a problem” given Netflix’s rising market share should the deal go through.

Dave Ellison, chairman and CEO of Paramount, said WBD shareholders “deserve an opportunity to consider our superior all-cash offer for their shares in the entire company”.

He added his company offers a “more certain and quicker path to completion”.