Warner Bros. Discovery is currently assessing a fresh acquisition proposal from Paramount Skydance Corp. The parent company of HBO and CNN stated in a Tuesday announcement that its board of directors will review the latest offer and provide a response. Warner Bros. did not disclose specific terms of the new bid, but reports from Monday indicated that the offer exceeds Paramount's previous proposal of $30 per share.

Under the terms of the merger agreement, if Warner Bros.' board determines that Paramount's new offer is superior to the one it has already accepted from Netflix, Netflix will have four days to submit a revised bid.

The contest for Warner Bros. represents one of the largest transactions in the media industry in recent years. Whichever company prevails could significantly impact the entertainment sector for years to come. The potential sale has sparked debate across Hollywood and Washington, with lawmakers, film producers, and industry professionals expressing concerns about media consolidation and the effects of a merger on employment.

Warner Bros. informed investors on Tuesday that the current agreement with Netflix remains in effect and advised shareholders not to take any action at this time.