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.

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.