After weeks of trying to both cajole and threaten Warner Bros. to walk away from Netflix, Paramount has finally sweetened its takeover bid for the media giant.

David Ellison’s company submitted a revised bid late on Monday, now revealed as an offer of US$31 per share—sweetening the US$30-per-share bid that hasn’t really done much to impress the WBD board. Paramount also says it will pay a US$7-billion regulatory termination fee if the deal does not close, and it’s ready to cover the US$2.8-billion termination fee that WBD would have to pay if it decides to nix its already-signed Netflix merger agreement.

So what does the WBD board think? According to a release, it hasn’t made a final determination yet. However, it acknowledged that this new offer “could reasonably be expected to lead to” what the Netflix merger agreement defines as a “company superior proposal”. If the board reaches that conclusion, Netflix will have four business days to improve its offer (though it could also do that sooner, without needing to wait for a determination by the board). 

For now, though, the Netflix transaction is still officially favored by the board. Shareholders will gather to vote to approve the deal in a March 20 meeting.

Meanwhile, Netflix co-CEO Ted Sarandos has continued to express confidence in the deal in press interviews and recently accused Paramount of spreading misinformation to disrupt the agreement. 

Many in the industry, including notable Hollywood names like filmmaker James Cameron and actor Mark Ruffalo, have expressed concerns about both potential buyers, questioning Netflix’s commitment to theatrical releases and the Ellison family’s close ties with the Trump administration.