Big news. The ground has shifted as Warner Bros. Discovery said its board determined tha a new proposal from Paramount could reasonably be expected to lead to a so-called "Company Superior Proposal" as defined in WBD's merger agreement with Netflix and that it will continue talks with the David Ellison company.

Larry Ellison and his son David suddenly have moved into pole position to win control of Warner Bros. Discovery, outmaneuvering Netflix. WBD’s board announced Tuesday that it had “determined” that the latest offer from the Ellison-controlled Paramount Skydance “could reasonably be expected to lead” to a “superior proposal,

Paramount Skydance raises its bid above $31/share, pressuring Netflix's $27.75 deal as WBD's board prepares to review both offers.

Paramount Tuesday evening said it "welcomed” the determination of the Warner Bros. Discovery board that its latest offer could potentially prove a winner and provided a bit more detail on the sweetened terms.

James Cameron is weighing in on the proposed merger between Netflix and Warner Bros. Discovery. In a newly reported letter to Mike Lee, the filmmaker warned the deal could reshape the theatrical film

James Cameron, award-winning director of "Avatar" and "Titanic," calls Netflix's proposed acquisition of WBD assets "disastrous" for the theater business.

Netflix’s high-stakes pursuit of Warner Bros. Discovery has thrust the streaming leader into regulatory crosshairs, delivering fresh volatility to a stock already battered by investor doubts yet still carrying strong analyst endorsement.

Paramount Skydance's potential deal to snap up Warner Bros. Discovery in its entirety has cleared antitrust review at the U.S. Justice Department -- despite the fact that David Ellison's Paramount has repeatedly failed to secure an agreement to acquire Warner Bros.