Paramount Skydance has returned with an improved takeover proposal for Warner Bros Discovery, increasing the pressure on the group to reconsider a bid it has previously rejected and intensifying the contest for control of the company.

Warner Bros. Discovery said Paramount’s new offer of $31 a share could lead to a “superior proposal” to the deal it signed with Netflix.

If Warner Bros. deems Paramount’s latest bid superior, Netflix would have four days to make a counteroffer.

Paramount’s takeover bid was rejected in favor of Netflix, which wanted only the streaming and studio businesses. Paramount said it would pay more if negotiations were reopened.

The Davids Zaslav and Ellison are heading back to the table as Warner Bros. Discovery agrees to reopen talks with Paramount. Paramount has seven days to ‘make its best and final offer’ for control of the company.

Paramount’s takeover bid was rejected in favor of Netflix, which wanted only the streaming and studio businesses. Paramount said it would pay more if negotiations were reopened.

Warner Bros. Discovery on Tuesday said it will engage in deal talks with Paramount Skydance under a 7-day waiver from Netflix.

Feb. 16 (UPI) -- Warner Bros. Discovery is considering reopening talks with Paramount Skydance after Paramount sweetened its offer to buy the company last week, sources say.

The Warner Bros. Discovery board is leaning toward re-engaging with Paramount Skydance on the revised terms of Paramount's offer to buy the company.

The Warner Bros. Discovery board is leaning toward re-engaging with Paramount Skydance on the revised terms of Paramount's offer to buy the company.