Paramount Skydance has raised its bid for Warner Bros Discovery, intensifying the battle to acquire one of Hollywood's most valuable media assets.

The new offer, which improves on Paramount's previous $108.4 billion proposal, is designed to address concerns over financing and challenges Netflix faces in competing for the studio, a source told Reuters on Monday.

The bidding war centers on iconic franchises like "Harry Potter" and "Game of Thrones," and the winner will gain a major foothold in the global streaming market.

Netflix's current offer stands at $82.7 billion, or $27.75 per share, and the company has the option to match Paramount's latest........

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