Warner Bros Discovery said yesterday it was considering a new bid from Paramount Skydance without disclosing the value of the deal, as the CBS owner makes a last-ditch effort to thwart Netflix from buying the coveted Hollywood studio.

The latest offer is higher than Paramount’s previous bid of $30 per share in cash, or $108.4 billion including debt, for the whole of Warner Bros, a source familiar with the matter told Reuters on Monday (Feb 23). The offer followed a week of talks between the companies to address concerns that prompted the HBO parent to reject previous Paramount bids in favor of Netflix’s $27.75 per share, or $82.7 billion, deal for its studio and streaming assets.

“The Netflix merger agreement remains in effect and the Board continues to recommend in favor of the Netflix transaction,” Warner Bros said in a statement, a Reuters report stated yesterday.

Paramount said it had submitted a revised bid, while Netflix did not immediately respond to a request for comment to Reuters.

MoffettNathanson analysts have said an offer in the range of $34 per share from Paramount would end the bidding war and “avoid further debate over Discovery Global’s value”. Discovery Global could fetch between $1.33 per share and $6.86 a share, according to Warner Bros estimates.

If Warner Bros decides the new Paramount bid is superior to the Netflix deal, the streaming pioneer will have four days to respond, according to the agreement announced in December.

Either deal will reshape the power structure of Hollywood by handing the suitor one the industry’s most coveted studios and an extensive content library, as well as major franchises such as ‘Game of Thrones’, ‘Harry Potter’ and DC Comics.

Netflix has ample cash and could bump up its offer for HBO Max owner. The company has argued its deal offers better value to investors in part due to a spinoff of the Warner Bros cable assets before the acquisition. Paramount, which has offered to buy the whole of Warner Bros including the TV assets, believes that the cable assets are almost worthless.

The CBS owner, led by CEO David Ellison, believes it has a clearer path to US regulatory approval for a Warner Bros deal because of its close ties to the Trump administration, the Reuters report added.

Warner Bros shareholders said earlier this month they would hold a shareholder vote on the Netflix deal on March 20.