, Dec. 9 -- Paramount has launched a hostile $108.4 billion bid for Warner Bros Discovery, escalating its battle with Netflix and attempting a final push to secure the media company.

Netflix had appeared to win the months-long competition on Friday with a $72 billion equity deal for Warner Bros' TV, film and streaming units, but Paramount's surprise bid has kept the contest alive, reports Reuters.

The Warner Bros Discovery board said Monday it will review Paramount's proposal but is not altering its current recommendation in favor of Netflix, advising shareholders to hold off on any action regarding the new offer.

Paramount's $30-per-share all-cash proposal includes financial backing from Jared Kushner's investment firm Affinity Partne...