Paramount launches rival bid for Warner Brothers Discovery

Paramount Skydance has made another offer to buy Warner Brothers Discovery as it seeks to trump a rival offer from Netflix to buy the company's studio and streaming networks.

Paramount, which is backed by the billionaire Ellison family, said it was making a direct offer to shareholders of $30 per share to scoop up the entire company, including its traditional television networks.

It said its proposal was a "superior alternative" to the one from Netflix, delivering more cash upfront to shareholders and greater prospect of approval by regulators.

President Donald Trump has said "there could be a problem" with Netflix's purchase, pointing to competition concerns given the size of the companies.

Paramount said its deal valued the company at $108.4bn.

Netflix's proposal had valued Warner Brothers' studio and streaming networks, such as HBO, at about $83bn.