Warner Reopens Talks With Paramount After Sweetened Offer

Warner Bros. Discovery said Tuesday it will restart deal talks with Paramount, setting the stage for a potential bidding war with its preferred suitor Netflix.

The move comes after Paramount last week sweetened its all-cash $77.9 billion hostile offer for all of Warner Discovery, including its cable channels CNN and TNT.

Warner said Paramount has indicated it would be willing to up its offer to $31 per Warner share from $30 if Warner would agree to engage in negotiations. The price increase wasn't part of Paramount's latest amended tender offer for the company.

Warner's willingness to engage with Paramount is the latest stakes-raising plot twist in a monthslong takeover battle for the home of some of the entertainment industry's most important properties and brands, including HBO, Superman and Harry Potter.