Warner Bros Discovery surges as Paramount Skydance makes $108.4 billion hostile bid

Shares of Warner Bros Discovery WBD.O up 5.5% at $27.51 premarket

Paramount launches all-cash tender offer to acquire Warner Bros Discovery for $30 per share

Offer represents an enterprise value of $108.4 billion and equity value of $74.35 billion

Shares of Paramount Skydance were up 4.3% while shares of Netflix were marginally lower in trading before the bell

WBD struck a $72 billion acquisition deal with Netflix last week