Paramount is reportedly edging closer to a deal to purchase Warner Bros. Discovery, the owner of HBO, CNN, and other media properties.
In a statement on Tuesday, Warner Bros. Discovery said Paramount's offer could "reasonably be expected" to lead to a "company superior proposal."
Paramount, which leverages the wealth of Larry Ellison's empire, has cultivated a relationship with the Trump administration. The company is in a bidding war with Netflix for control of Warner Bros. Discovery.
Paramount upped its latest offer from $30 per share to $31 per share in cash. Additionally, the Ellison-backed company would pay a $7 billion regulatory termination fee to Warner Bros. Discovery if the deal does not close due to regulatory matters. Paramount would also pay a $2.8 billion termination fee to terminate Netflix's existing deal.