Warner Bros. Discovery said that Paramount has raised the price of its takeover offer to $31 per share, potentially setting the stage for a fresh bidding war with Netflix over the future of the Hollywood giant.

Paramount’s offer had previously stood at $30 per share since December — when the Skydance owned company launched its hostile bid to challenge a deal Warner struck with Netflix to sell its studio and streaming business for $27.75 per share.

A Warner Bros. Discovery buyout would reshape Hollywood and the wider media landscape — bringing HBO Max, cult-favorite titles like “Harry Potter” and, depending on who wins the Netflix v. Paramount tug-of-war, potentially even CNN under a new roof.

Unlike Netflix, Paramount wants to acquire Warner Bros. in its entirety — including networks like CNN and Discovery. The companies have spent the last couple of months in a heated, public back and forth over who has a stronger deal. And Paramount upping its offer only adds to the pressure.

Beyond the new $31 per share price, Warner said Tuesday afternoon that Paramount had increased its regulatory termination fee to $7 billion. Paramount also agreed to move up a previously promised “ticking fee.” The company previously said it would pay 25 cents per share for every quarter the deal drags on past the end of the year. Now it’s agreed to pay that amount if the deal doesn’t go through by the end of September, Warner said.

Warner added that Paramount’s latest bid “could reasonably be expected to lead to” a superior offer as defined under its current agreement with Netflix — but the company’s board has still not actually determined whether Paramount’s offer is better than Netflix’s.

A Netflix spokesperson declined to comment when reached by The Associated Press Tuesday afternoon. Paramount did not immediately respond to a request for further comment — but the company confirmed the submission of its revised offer earlier in the day.