Warner Bros. Says Paramount’s $111 Billion Deal Tops Netflix (1)

Warner Bros. Discovery Inc. said a new $111 billion offer from Paramount Skydance Corp. is a better deal for shareholders than the one it agreed to earlier with Netflix Inc.

Netflix will now have four business days to come up with a new proposal that beats Paramount or it will lose the fight for one of the industry’s oldest film and TV studios. Paramount has offered $31 a share for all of Warner Bros. while Netflix has bid $27.75 a share for the company’s studios and HBO business.

Paramount Chief Executive Officer David Ellison has been pursuing Warner Bros. for ...