Paramount Skydance today announced a hostile takeover bid for all assets of Warner Bros. Discovery in a transaction worth $108.4 billion, more than the $82.7 billion which Netflix offered.

The offer is going straight to shareholders, and Paramount CEO David Ellison believes that’s the offer they will choose when they see what’s on the table for them.

The Paramount offer is different than Netflix’s. Netflix has bid to take over the Warner Bros. Studio, HBO Max, and HBO, as well as all the intellectual property rights owned by the studio. The offer does not include WBD’s cable channels which include TNT, TBS, CNN, Discovery, and others.

Paramount is putting a bid for all the company, including the cable channels in a bid to merge two of the largest movie studios in the world.

WBD currently has the media rights for AEW television and pay-per-views, with AEW shows airing on TNT, TBS, and HBO Max.

Netflix is WWE’s media partner worldwide for all shows and Raw in the United States while Paramount is the media rights partner for the UFC starting next month, which is owned by the same company that owns WWE, TKO Group.