Paramount is making a hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company. Paramount said Monday that it going straight to Warner Bros.

Netflix announced it will buy Warner Bros. Discovery for $72 billion in one of the most colossal deals in recent Hollywood history.

Back in 2010, when Netflix was still shipping tens of millions of DVDs by mail, Mr. Sarandos, a top executive, was intent on getting some older HBO shows on its nascent streaming service.