Paramount Skydance announced on Monday a bid to acquire Warner Bros. Discovery in an all cash deal worth $30 per share, with a total value of $108.4 billion, as the company moves to top Netflix's deal struck last week to acquire the storage studio.
Paramount stock rose more than 9% off to the announcement, while Warner Bros. stock rose as much as 7%.
Netflix shares lost over 3%.
Paramount's bid would see the company acquire all of Warner Bros. assets.
On Friday, Netflix agreed to acquire Warner Bros. TV, film studios and streaming division for $72 billion in equity value, roughly $27.75 per share, in a cash and stock deal worth a total of $82.7 billion.
That would see Warner Bros. shareholders receive $23.35 per share, along with $4.50 in Netflix's common stock.
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