The move comes after Netflix agreed a mega deal to buy Warner Bros Discovery.
Paramount has launched a hostile bid for Warner Bros Discovery in an attempt to derail the firm’s agreed 72 billion dollar (£54 billion) deal with Netflix.
Paramount said it was offering 30 dollars (£22.50) a share in cash for Warner Bros and would take the bid straight to investors, asking them to reject the deal with Netflix.
Paramount’s offer values Warner Bros at 108.4 billion dollars (£81.3 billion) including debts, trumping Netflix’s 27.75 dollars (£20.81) per share offer, which values Warner Bros at 72 billion dollars (£54 billion), or 82.7 billion dollars (£62 billion) including debts.
US streaming giant Netflix said last Friday it had agreed to buy the Warner Bros Discovery film and TV studios business in a move that could dramatically reshape the established Hollywood film and TV industry.
It followed an auction process which saw Paramount and Sky owner Comcast lose out to Netflix, which owns HBO, streaming service HBO Max and franchises such as Harry Potter and Batman.
But US President Donald Trump said on Sunday the Netflix takeover of Warner Bros “could be a problem” because of its combined market share.
Mr Trump confirmed he would be involved in the decision about whether the US federal government should approve the takeover.
