Warner Bros. Discovery said that Paramount Skydance's revised bid for its entire company, including the cable networks, "could reasonably be" considered a superior offer compared with Netflix's deal for its studio and streaming businesses.

The updated offer, submitted late Monday after a seven-day extension period approved by Netflix, raises the purchase price to $31 a share from $30 and adds a ticking fee if the deal drags beyond late 2026. The proposal also includes a $7 billion reverse termination fee if regulators block the deal.