Warner Bros. Weighs Reopening Sale Negotiations With Paramount

Warner Bros Discovery Inc. is considering reopening sale talks with rival Hollywood studio Paramount Skydance Corp. after receiving its hostile suitor’s most recent amended offer, people with knowledge of the matter said.

Members of the Warner Bros. board are discussing whether Paramount could offer a path to a superior deal, people familiar with the board’s thinking said, a move that may ignite a second bidding war with Netflix Inc. The board hasn’t decided how to respond and still has a binding agreement with Netflix, said the people, who asked not to be identified discussing nonpublic information.

Paramount submitted amended ...