Warner Bros. reopens talks with Paramount, still backs Netflix

(NBC, KYMA) - Warner Bros. Discovery said 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. announced Tuesday that it will hold the special meeting of shareholders to vote on the merger with Netflix on March 20, signaling that, barring an improved "best and final offer" from Paramount, the board of directors will unanimously recommend in favor of the Netflix merger.

The company has repeatedly rejected previous bids from Paramount, citing the "insufficient value" offered.

In a separate statement, Netflix hit out at what it called Paramount's "antics."

President Donald Trump, whose administration approved the Skydance takeover of Paramount last year, said early in the bidding process he would be involved in approving a deal with Warner Bros.