Warner Bros. reopens talks as Paramount signals higher bid

By Michelle F. Davis and Lucas Shaw, Bloomberg

Warner Bros Discovery Inc. has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance Corp. after the suitor proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix Inc.

Netflix, which Warner Bros. still described as its preferred bidder, has granted the board seven days to discuss Paramount’s most recent proposal, according to a statement Tuesday. The...