The bidding war for Warner Bros. is getting fiery as Paramount counters Netflix’s offer on Dec 7th with a $108.4 billion offer. Yes, you read that right, $108.4 billion.

Paramount’s CEO, David Ellison, says the Netflix $82.7 billion deal is an “inferior proposal.” Backed by a Middle Eastern sovereign, he tells Warner’s shareholders that they promise $18 billion more in cash. Paramount is offering $30 per share in a cold cash deal for the entire company, while Netflix is only offering $27.75 for Warner Bros. and HBO, which translates to $23.25 per share in cash and $4.50 in stock

Unlike Netflix, Paramount is attempting to acquire the entire company outright, which is not included in the Netflix deal, and will be worth several dollars per share. However, Netflix contends that its offer will conclusively be worth more than Paramount’s bid. The Netflix dealNetflix deal, in comparison, will have Warner Bros., HBO, and HBO Max going to the streaming juggernaut, while WBD’s beset cable network divisions, TNT, CNN, HGTV, the Food Network, and Discovery will be woven into a separate traded company.

On the heels of Dec. 5th, when Netflix made its initial offer, the landscape has changed into a fierce battle between these media giants.