Warner Bros. Board Weighing New Paramount Takeover Offer (3)

Warner Bros. Discovery Inc. is considering a new takeover bid from Paramount Skydance Corp., the latest salvo in a months-long battle for control of one of Hollywood’s most famed studios.

The parent of HBO and CNN said its board will review the proposal and respond, according to a statement Tuesday. Warner Bros. didn’t specify the terms of the new offer, but Bloomberg News reported on Monday that it was higher than the $30 a share Paramount was offering previously.

If the Warner Bros. board deems the new Paramount bid superior to the one it has already accepted from Netflix ...