Paramount Skydance has launched a hostile takeover bid for Warner Bros Discovery, going directly to shareholders with an all-cash $30 per share offer — well above WBD’s current trading price. The move comes just days after Netflix struck a deal to acquire WBD’s studio and streaming assets for $27.75 per share.

CEO David Ellison says Paramount is “finishing what we started,” backed by financing from RedBird Capital, the Ellison family, major Wall Street banks, and non-voting investments from Saudi Arabia’s PIF, Abu Dhabi’s L’imad Holding, Qatar Investment Authority, and Affinity Partners.

Paramount also revealed that $30 per share is not their final offer, setting up a high-stakes showdown among WBD shareholders, Netflix, and Paramount Skydance.

Warner Bros Discovery shares jumped over 4 percent on the news, while Paramount stock climbed more than 7 percent.