Paramount Skydance has boosted its proposal to buy Warner Bros Discovery, with an offer that could finally knock rival bidder Netflix out of the game.
Warner Bros, which put itself up for sale last year, said Paramount had agreed to increase its purchase offer by $1 per share, creating a bid that its board had determined "could reasonably be expected to lead to a ... superior proposal".
Warner Bros said it would engage in further talks before making a final decision about whether to abandon the deal it struck with Netflix in December.
Netflix, which would have four days to make a counter-offer, did not immediately comment.
In a recent interview with the BBC, Netflix co-chief executive Ted Sarandos declined to say whether the company was prepared to engage in a bidding war, calling the back-and-forth "part of the process".
