Behind Paramount’s relentless campaign to woo Warner Discovery and president Trump

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official said they don’t comment on Trump’s private conversations.

Not ready to give up, Paramount on Monday launched a hostile takeover effort for Warner, taking its case directly to shareholders. Ellison says his offer for Warner is a better deal for shareholders and more likely to pass regulatory muster. Paramount said its offer provides shareholders $18 billion more in cash than Netflix’s.

“We're really here to finish what we started,” Ellison said on CNBC Monday morning. Three Middle East sovereign-wealth funds and Trump's son-in-law Jared Kushner are among the financial backers of Paramount's bid.

Warner's board said it had planned to stay the course with Netflix.

The fight for Warner has become a battle between Paramount, the 113-year-old Hollywood institution, and Netflix, the technology startup-turned entertainment juggernaut. With a huge library of classic movies and television shows including Casablanca and The West Wing as well as HBO, home to The Sopranos and Game of Thrones, Warner is considered a crown jewel of Hollywood.

Trump has so far avoided publicly backing a bidder . “None of them are particularly great friends of mine,” he said at a White House roundtable on Monday. A person close to Trump said the president will want Paramount and Netflix to compete for his approval of a deal.