According to informed sources, Paramount Global has increased its acquisition offer for Warner Bros. Discovery, escalating the prolonged battle for the iconic Hollywood film assets.

The undisclosed new proposal represents an improvement over the all-cash bid of $30 per share that Paramount presented directly to Warner Bros. shareholders on December 8 last year. The revised offer also addresses certain concerns previously raised by Warner Bros. regarding Paramount's acquisition plan.

The sources declined to be identified as details of the proposal have not been made public. Among the concerns raised were issues related to the uncertainty of Paramount's financing.