Paramount ups bid for Warner Bros.

The tug-of-war over Warner Bros. Discovery has intensified. Paramount Skydance submitted an improved, all-cash offer to rival Netflix’s deal.

While the specific dollar amount remains undisclosed, the new bid exceeds Paramount’s previous $30-a-share proposal and aims to resolve concerns regarding financing certainty.

Warner Bros. had previously agreed to a $27.75-per-share deal with Netflix in December, which included spinning off its cable networks, including CNN and TNT. However, the studio reopened a brief negotiation window with Paramount to weigh its new offer.

If the WBD board officially deems Paramount’s bid superior, Netflix will have a four-day window to counter.

The Paramount-WBD-Netflix saga has drawn discussions from lawmakers to filmmakers, who worry how the merger would impact jobs and the future of entertainment.

Titanic and Avatar director James Cameron recently sent a letter to Utah Senator Mike Lee, who is part of the Senate subcommittee on Antitrust, Competition Policy, and Consumer Rights, stating that he worries that Netflix's acquisition of WBD would affect Hollywood and diminish theaters.