Warner Bros. Discovery said Tuesday it will reopen takeover talks with Paramount Skydance after the bidder raised its offer to $31 per share, topping its earlier $30 proposal and putting new pressure on a rival deal with Netflix.

The renewed discussions come after Netflix granted Warner a seven-day waiver to explore whether Paramount can submit a stronger and binding offer.

Warner's board said it will use this short window to address what it called "deficiencies" in Paramount's prior bids and to clarify key terms.

A senior Paramount representative told a member of Warner's board that the company is willing to increase its offer to $31 per share and could potentially improve it further.

Paramount has argued that its proposal is financially superior to........

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