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.

Paramount Skydance increased its bid for Warner Bros. Discovery (WBD) from $30 per share to $31 per share, WBD said today. Amid a competing offer from Netflix for WBD’s movie studios and streaming businesses, WBD said that Paramount’s new bid “could reasonably be expected to lead to a ‘Company Superior Proposal.’”

Paramount is in a bidding war with Netflix for Warner Bros. and has until March to make its best and final offer.

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.

New offer could 'reasonably be expected' to lead to better deal for shareholders than Netflix bid, HBO owner says

Warner Bros. Discovery announced that Netflix has granted it a limited 7-day waiver to allow WBD to talk with Paramount Skydance about its offer.

Warner Bros Discovery (WBD) has announced that its Board of Directors has determined that the revised proposal from Paramount Skydance Corporation "could reason

Shares of Warner Bros. Discovery firmed Monday, one of the few equities in the green as tariff and trade uncertainty tanked markets. WBD has had an exceptional run over the past six months since Paramount began lobbing unsolicited takeover bids,