As Netflix and Paramount fight for Warner Bros. Discovery, the fate of the giant media company could rest on the value of its cable networks.

Paramount sent a letter from CEO David Ellison addressed to Warner Bros. Discovery shareholders that 'clearly sets out why Paramount’s $30.00 per share all-cash offer to acquire all of WBD is superior to WBD’s transaction with Netflix.

Paramount's David Ellison said that if Warner Bros. Discovery's board took his current offer, it would be "admitting breach of fiduciary duty."

The offer to shareholders comes days after Warner Bros. agreed to sell its streaming and studio business to Netflix.

NEW YORK (AP) — Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.

Mike Schur, the longtime TV writer known for laying the pen down on iconic shows like "The Office" and "Parks and Recreation," shunned the idea of any form of a multi-studio merger with Warner Bros. Discovery since the industry and its consumers will suffer.

Netflix stunned the media world on Dec. 5 by making a deal to acquire Warner Bros. Discovery for $83 billion. Iconic Warner Bros. brands, shows and characters — HBO, “Game of Thrones,” Batman and Harry Potter,

DiscoveryThe M&A saga captivating Hollywood has taken another dramatic twist.Paramount Skydance on Monday made a $77.9 billion hostile takeover bid for all of Warner Bros. Discovery, escalating its battle against Netflix for the storied entertainment giant.