Paramount Skydance submitted a revised offer to buy Warner Bros. Discovery, the two companies confirmed on Tuesday, as the owner of broadcaster CBS makes a last-ditch effort to stop media company Netflix from buying the coveted Hollywood studio.

The latest offer is higher than Paramount’s previous bid of $30 per share in cash, or $108.4 billion including debt, for the whole of Warner Bros, a source familiar with the matter told Reuters on Monday. The exact details of the offer could not be learned, however.

Paramount made its bid after a week of talks between the companies to address the Warner board’s concerns with previous bids, which they’ve rejected in favor of Netflix’s $27.75 per share, or $82.7 billion, deal for its studio and streaming assets.

“The Netflix merger agreement remains in effect and the Board continues to recommend in favor of the Netflix transaction,” Warner Bros said in a statement.

Paramount said its offer followed a week of discussions with the Warner board, which had received a waiver under its merger agreement with Netflix to engage with the rival bidder. Netflix has a contractual right to match any higher offer.

Netflix did not immediately respond to a request for comment.

Netflix shares were up 2% in midday trading, while Warner Bros gained 0.8% and Paramount was slightly lower.

MoffettNathanson analysts have said an offer in the range of $34 per share from Paramount would end the bidding war and “avoid further debate over Discovery Global’s value.”

Netflix’s bid for the Warner Bros film and television studio, its expansive content library and its HBO Max streaming service, excludes Warner’s cable television networks, which will be spun off into a separately traded company, Discovery Global.

Warner’s board estimates Discovery Global could fetch between $1.33 per share and $6.86 a share, helping lift the total return to shareholders above Paramount’s earlier $30 a share offer.

If Warner Bros decides the new Paramount bid is superior to the Netflix deal, the streaming pioneer will have four days to match that bid, according to the agreement announced in December.

High Stakes Battle for Hollywood’s Crown Jewel

Either deal will reshape the power structure of Hollywood by handing the suitor one of the industry’s most coveted studios and an extensive content library, as well as lucrative entertainment franchises such as “Game of Thrones”, “Harry Potter” and DC Comics.

Netflix has ample cash and could bump up its offer for HBO Max owner. The company has argued its deal offers better value to investors in part due to a spin-off of the Warner Bros cable assets before the acquisition.

Paramount has offered to buy all of Warner Bros, arguing that the cable assets are almost worthless.

The rival company, led by CEO David Ellison, has argued it has a clearer path to U.S. regulatory approval than Netflix.

To reassure investors, it has offered to cover the $2.8 billion break-up fee Warner Bros would owe Netflix if that deal is scrapped, and to pay roughly $650 million more in cash for every quarter the deal fails to close after this year.

Paramount left little doubt it is dialing up the pressure on Warner Bros.

As the Warner board evaluates the new bid, Paramount said it continues to reach out to Warner Bros investors urging them to vote against the deal with Netflix at next month’s special meeting.

Paramount also indicated that if Warner Bros rejects the new bid, it would be ready to launch a board challenge at this year’s annual meeting. One of its possible director candidates could be one of Warner Bros’ biggest shareholders, Pentwater Capital Management’s chief executive Matthew Halbower.

Separately, activist investor Ancora Holdings, which owns a small stake in Warner Bros, has stepped up pressure on the HBO owner by saying the company failed to adequately engage with Paramount.

Warner Bros said earlier this month it would hold a shareholder vote on the Netflix deal on March 20.

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(Reporting by Svea Herbst-Bayliss in Boston, Aditya Soni and Harshita Mary Varghese in Bengaluru; Editing by Arun Koyyur and Nick Zieminski)