The entertainment superpower, which owns Paramount Pictures and TV network CBS, launched a fresh bid of $31 per WBD share, plus additional fees
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Paramount Skydance says it has made its "best and final offer" to buy Warner Bros Discovery (WBD), as the battle to complete one of the biggest media deals in history intensifies.
The entertainment superpower, which owns Paramount Pictures and TV network CBS, launched a fresh bid of $31 per WBD share, plus additional fees.
It is an improvement on its $30 tender, which was rejected by WBD.
The media giant is competing against Netflix to acquire control of WBD, which counts comic book filmmakers DC Studios, TV network HBO and news channel CNN among its brands.
Both companies are also seeking to buy the film and TV business, as well as the streaming components of WBD.
A WBD spokesperson said the latest offer from Paramount Skydance could beat the existing Netflix bid and "could reasonably be expected to lead to a superior company proposal".
A merger of WBD and either Paramount Skydance or Netflix would have significant impacts on TV, filmmaking and the possible future of the cinema.
Netflix, which is considered to be the preferred bidder, has signed an agreement with WBD and boosted its offer to $27.75 (£20.63) cash per WBD share.
But Paramount Skydance, headed by the son of billionaire Trump supporter Larry Ellison, recently launched a hostile takeover attempt, in which it sought to acquire the entirety of WBD, not just a production and streaming spin-off like their competitors.
Its efforts to acquire WBD have been ramped up by legal threats, such as forcing WBD's shareholders to release financial data after approaching them directly with a bid.
It has also threatened to nominate directors at WBD's annual meeting in an effort to get board approval for its takeover.
A one-week extension for offers to be made was granted by the WBD board at the end of last week.
Netflix now has four days to submit a revised proposal or quit its quest to acquire part of WBD.
