Paramount has made a direct, all-cash offer to Warner Bros. Discovery shareholders after WBD chose Netflix’s proposal last week.

CEO David Ellison argues Paramount’s bid is superior, saying it offers $17.6 billion more cash than Netflix’s deal.

Paramount offered $30 per share for the entire company, while Netflix offered $27.75 per share for Warner Bros. and HBO but believes later spinoffs of cable assets, like CNN, will add value.

WBD’s board initially favored Netflix, expecting greater long-term returns if cable assets are separated, CNN has reported.

The new bid has sparked expectations of a bidding war, boosting WBD and Paramount stock, while Netflix’s shares dropped.