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

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

(REUTERS)

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.