Warner Bros. Discovery said Tuesday that it was reopening talks with Paramount Skydance, giving the studio a week to rival Netflix in its bid to take over the streaming and cable giant.

Warner Bros. Discovery is weighing whether to reopen deal talks with Paramount, which last week submitted a new, improved offer, said two people who are familiar with the matter but not authorized to ...

The move comes after Paramount PSKY 0.68% last week sweetened its all-cash $77.9 billion hostile offer for all of Warner Discovery, including its cable channels CNN and TNT.