Warner Bros. is still recommending Netflix’s takeover bid, but it’s reviewing a fresh Paramount offer

Warner Bros. Discovery says it’s reviewing a new takeover offer from Paramount, but it continues to recommend a competing proposal from Netflix to its shareholders in the meantime.

Warner disclosed Tuesday that it had received a revised offer from Paramount after a seven-day window to renew talks with the Skydance-owned company elapsed Monday. Paramount confirmed it had submitted this proposal, but neither provided further details on the bid. The company was widely expected to have raised its offer.

A Warner Bros. Discovery buyout would reshape Hollywood and the wider media landscape — bringing HBO Max, cult-favorite titles like “Harry Potter” and, depending on who wins the Netflix v. Paramount tug-of-war, potentially even CNN under a new roof.

Paramount wants to acquire Warner Bros. in its enti...