Warner Bros. Trading Suggests Market Expects Sweetened Offer (1)

The latest twist in the drama for control over Warner Bros. has traders betting one of the suitors will sweeten its bid.

The storied Hollywood studio’s shares traded just below $29 a share on Thursday after they briefly pushed past that level earlier this week when Paramount Skydance Corp. indicated it could raise its offer by at least $1 a share to $31. Warner Bros. agreed in December to sell itself to Netflix Inc. for $27.75 a share plus a stake in some spun-off cable TV networks like TNT and CNN.

Warner Bros. has not closed higher than $30 a ...