Paramount on Monday launched a hostile takeover bid for Warner Bros. Discovery after Netflix struck a deal to buy WBD's film and streaming assets.

Paramount had made the first several bids for WBD and was the only company seeking to buy all of its portfolio — the film studio, streaming business and TV networks — before Netflix made a $72 billion deal with WBD on Friday.

“The Paramount offer for the entirety of WBD provides shareholders $18 billion more in cash than the Netflix consideration,” the company stated, according to The Hollywood Reporter. “WBD’s Board of Directors recommendation of the Netflix transaction over Paramount’s offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity.”

“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount CEO David Ellison said. “Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.

"We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares.”

President Trump noted on Sunday that there could be an issue with the deal between Netflix and WBD, POLITICO reported.

“That’s got to go through a process, we’ll see what happens,” Trump told reporters. “Netflix is a great company … They have a very big market share. And when they have Warner Bros, that market share goes up a lot. So I don’t know. That’s gonna be for some economists to tell, and I’ll be involved in that decision too … But it is a big market share, no question about it. Could be a problem.”

Ellison is an ally of Trump, but Netflix CEO Ted Sarandos recently visited Trump at the White House to discuss the possibility of a deal.