Paramount said it would take its deal directly to shareholders after six previous proposals were never «meaningfully» engaged with.
Paramount has launched a $108.4bn (£81bn) hostile bid for Warner Bros, challenging Netflix, which had reached a $72bn (£54bn) takeover deal with the company.
Paramount said on Monday that it was going straight to Warner Bros Discovery (WBD) shareholders with a $30 (£22.50) per share in cash offer for the entirety of the company, including its Global Networks segment, asking them to reject the deal with Netflix.
On Friday Netflix struck a deal to buy WBD, the Hollywood giant behind «Harry Potter» and HBO Max
The cash and stock deal is valued at $27.75 (£20.80) per Warner share, giving it a total enterprise value of $82.7bn (£62bn), including debt.
But Paramount says its deal will pay $30 cash per share, representing $18bn (£13.5bn) more in cash than its rivals are offering.
In a statement, Paramount said it was making a «strategically and financially compelling offer to WBD shareholders» and a «superior alternative to the Netflix transaction».
