Warner Bros. Discovery has decided to reopen takeover talks with Paramount, despite having a deal in place with Netflix. The company received a waiver from Netflix to discuss Paramount’s latest offer, with both parties trying to resolve unresolved issues and clarify terms. However, Warner’s board still recommends supporting the proposed merger with Netflix, which is set for a vote on March 20.

Paramount, on the other hand, is pushing to acquire Warner’s entire company, including networks like CNN and Discovery, presenting a hostile all-cash offer. As negotiations continue, analysts believe that Paramount may raise its bid, creating a more competitive landscape for Netflix. Both companies are facing antitrust concerns from regulators worldwide, further complicating the merger talks.