NEW YORK — Paramount on Monday launched a hostile takeover offer for Warner Bros. Discovery, initiating a potentially bruising battle with rival bidder Netflix to buy the company behind HBO, CNN and a famed movie studio along with the power to reshape much of the nation’s entertainment landscape.

Emerging just days after top Warner managers agreed to Netflix’s $72 billion purchase, the Paramount bid seeks to go over the heads of those leaders by appealing directly to Warner shareholders with more money — $74.4 billion — and a plan to buy all of Warner’s business, including the cable business that Netflix does not want.

Paramount said its decision to go hostile came after it made several earlier offers that Warner management “never engaged meaningfully” with following the company’s October announcement that it was open to selling itself.

In its appeal to shareholders, Paramount noted its offer also contains more cash than Netflix’s bid — $18 billion more — and argued that it’s more likely to pass scrutiny from President Donald Trump’s administration, a big concern given his habit of injecting himself in American business decisions.

Over the weekend, Trump said the Netflix-Warner combo “could be a problem” because of the size of the combined market share and that he planned to review the deal personally.

For its part, Netflix says it is confident Warner will reject the Paramount bid and that regulators, and Trump, will back its deal, citing multiple conversations that co-CEO Ted Sarandos has had with him about the streaming company’s expansion and hiring.

“I think the president’s interest in this is the same as ours, which is to create and protect jobs,” Sarandos said Monday at an investor conference.

The fight for Warner drew strong reaction in Washington, with politicians from both major parties weighing in on the likely impact on streaming prices, movie theater employment and the diversity of entertainment choices and political views.

Paramount, run by David Ellison, whose family is closely allied with Trump, said it had submitted six proposals to Warner over a 12-week period before the latest offer.

“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” the Paramount CEO said in a statement. Ellison added that his deal would lead to more competition in the industry, not less, and more movies in theaters.

A regulatory document released Monday suggested another possible Paramount advantage to win over Trump: An investment firm run by Trump’s son-in-law Jared Kushner would be investing in the deal, too.

Also participating would be funds controlled by the governments of three unnamed Persian Gulf countries, widely reported as Saudi Arabia, Abu Dhabi and Qatar. Trump’s family company has struck deals this year for buildings and resorts that bear his name in Saudi Arabia and Qatar, partnering in the former with a company closely tied to the government and in the latter with the government fund itself.

Also possibly in Paramount’s favor are recent changes at CBS News since its October purchase of the news and commentary website The Free Press. The site’s founder, Bari Weiss, who has a reputation for fighting “woke” culture, was then installed as editor-in-chief in a signal Ellison intended to shake up the storied network of Walter Cronkite, Dan Rather and “60 Minutes,” long viewed by many conservatives as the personification of a liberal media establishment.