Warner Bros. Discovery is giving Paramount one more week to make its best and final offer, keeping alive the possibility of a deal that could upend its merger agreement with Netflix. The company scheduled a special meeting for March 20 to recommend shareholders vote for the Netflix merger, but simultaneously opened negotiations with Paramount despite calling all previous offers deficient.

Netflix recently amended its $72 billion deal with Warner Bros., agreeing to pay all cash in an attempt to defeat Paramount's hostile takeover bid. The deal would pay $27.75 per share for an acquisition that includes HBO Max, WB Studios, and other assets. If successful, Warner Bros. would separately spin off its cable TV division into a new entity called Discovery Global.

Warner Bros. Discovery board Chairman Samuel Di Piazza Jr. and CEO David Zaslav asked for Paramount's best and final offer in a letter to Paramount's board, requesting a price higher than the previously communicated $31 per share. The company also wants Paramount to accept the same terms Netflix agreed to, including binding commitments and restrictions on deal termination. Warner Bros. has repeatedly pointed to Netflix's superior finances as a reason for preferring its offer, calling Paramount's bid "illusory" due to its heavy debt financing requirements and junk credit rating.