Warner Bros Discovery has announced that it is currently reviewing a new offer from Paramount Skydance without disclosing the proposed valuation of the agreement. This step comes as the owner of CBS makes a final effort to deter Netflix from purchasing the highly coveted Hollywood studio. The new offer reportedly exceeds Paramount's previous bid of $30 per share in cash, equating to approximately $108.4 billion including debt, as noted by a source familiar with the matter speaking to Reuters.

The offer is the result of a week of negotiations between the two companies aimed at addressing the concerns that led HBO's parent company to reject prior bids from Paramount in favor of a separate deal with Netflix, which was set at $27.75 per share for a total of $82.7 billion for the studio and its streaming assets. While the details of the new offer remain undisclosed, this revised bid signifies a strategic move by Paramount to strengthen its hold on the competitive entertainment landscape amid rising rivalries.

As the potential merger deal with Netflix continues to remain on the table, Warner Bros Discovery's Board is still recommending cautious consideration of these offers. The outcomes of negotiations could dramatically reshape the dynamics of content creation and distribution in the entertainment industry, potentially altering the competitive balance in Hollywood as major players vie for dominance in an increasingly crowded marketplace.