Warner Bros. Discovery received a higher takeover offer from Paramount Skydance and will review the new bid under its existing deal with Netflix. Paramount is seeking to buy all of WBD’s assets, including CNN, TBS, and HBO Max. If WBD accepts Paramount’s offer, Netflix will have four days to counter.

Paramount confirmed submitting a revised bid and will continue its tender offer while WBD reviews both deals. Netflix previously agreed to acquire WBD’s assets for $27.75 per share, valuing the deal at around $72 billion. If Netflix doesn’t improve its offer, it will receive a $2.8 billion breakup fee.

A combined Paramount-WBD would merge HBO Max with Paramount+, creating one of the largest movie studios and news networks. Both the Netflix-WBD deal and Paramount’s bid would require regulatory approval in the U.S. and Europe due to antitrust concerns. The final decision will impact the future of media consolidation.

Read more at CNBC: WBD says Paramount made higher bid, board will weigh offer against Netflix deal