Paramount Skydance submitted a sweetened bid for Warner Bros Discovery, according to Reuters, aiming to derail Netflix’s agreement to purchase the HBO Max owner. The revised offer improves on Paramount’s earlier proposal of $108.4 billion, or $30 per share, for the entire company.

Details of the updated bid were not immediately available. Warner Bros Discovery and Paramount declined to comment, and Netflix did not immediately respond to requests for comment.

Netflix has offered $27.75 per share in cash, roughly $82.7 billion, and retains the right to match Paramount’s latest proposal. The bidding war centers on control of Warner Bros’ studio and streaming assets, including major franchises such as “Harry Potter” and “Game of Thrones.”

Paramount’s bid is backed by tech billionaire Larry Ellison, while the company itself is led by David Ellison. Warner Bros Discovery CEO David Zaslav has faced mounting shareholder pressure as the company weighs its options.

Warner Bros previously rejected an enhanced Paramount proposal that included covering Netflix’s $2.8 billion termination fee and offering a quarterly “ticking fee” to compensate shareholders for delays. The company set a deadline for Paramount to submit its “best and final” offer. Analysts at MoffettNathanson suggested that a bid closer to $34 per share could end the standoff.

The dispute also involves Warner Bros’ planned spinoff of Discovery Global, which holds cable assets such as CNN and HGTV. Warner Bros argues the spinoff would unlock shareholder value, while Paramount has dismissed it as effectively worthless.

Activist investor Ancora Capital, which built an approximately $200 million stake in Warner Bros Discovery, has criticized the company’s engagement with Paramount and warned it could oppose the Netflix deal at the March 20 shareholder vote.

Even if shareholders approve a Netflix acquisition, the deal would face scrutiny from U.S. and European regulators concerned about market concentration. Lawmakers from both parties have raised questions about the competitive implications of combining Netflix’s global streaming platform with Warner Bros’ legacy studio operations.

Paramount, for its part, has argued that its transaction would encounter fewer regulatory obstacles and has said it is already in discussions with U.S., European Union, and U.K. authorities.