Affinity Partners had planned to back a bid by Paramount Skydance to acquire all the assets of media giant Warner Bros. Discovery.

Paramount Skydance on Monday launched a hostile takeover bid for Warner Bros. Discovery, moving directly to appeal to shareholders with an all-cash offer that it says represents better value than the $72 billion deal Netflix and WBD announced Friday.

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 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.

Netflix touted the deal in a press release. “Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO,” Netflix wrote on December 5.

After WBD announced an agreement to accept Netflix's $82.7 billion bid for Warner Bros.' studios and HBO Max, Ellison on Dec. 8 launched a hostile takeover maneuver, announcing th