Paramount on Monday launched a hostile takeover bid for Warner Bros. Discovery, as the company tries to circumvent its competitive bidding defeat by Netflix last week. The big picture: Paramount's argument is that its all cash,

Netflix won the bidding war for Warner Bros. Discovery’s (WBD’s) streaming and movie studio businesses last week. But Paramount Skydance isn’t relenting on its dreams of owning WBD and is pushing forward with a hostile takeover bid.

Paramount has gone hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company days ago. Paramount said Monday it's going straight to Warner Bros.

Netflix is paying $27.75/share to Warner Bros. Discovery for its film studios, including Warner Bros., as well as HBO and HBO Max. Netflix's accepted offer values the WBD equity at $72 billion, or about $82.7 billion, including debt.

If Paramount’s $30-per-share, all-cash bid worth $108 billion (including debt) for complete ownership of WBD succeeds, it’ll be the fourth-largest hostile takeover to be completed over the past 20 years, according to data Dealogic shared with CNN. And oftentimes the initial hostile takeover bid a company announces goes even higher.