We're offering a 2-week trial of WrapPRO for $1. If you’ve been wanting to check out our full coverage, now’s the time. Greetings!The Warner Bros. Discovery M&A soap opera took another turn Tuesday as the David Zaslav-led media giant said it would restart deal talks with Paramount. While Warner's board continues to back Netflix's $83 billion all-cash deal for its studio and streaming business, the company has given Paramount until Feb. 23 to provide its "best and final" offer for the entire company. Triggering all of this was Paramount's amended offer and its alerting the WBD board that it would be willing to pay $31 a share if talks reopened. But Paramount said that even the $31 price wasn't its "best and final" offer — something the company has been teasing for months. The two sides have seven days to hammer out the other details of the deal, including how much control WBD has during the approval process and other financing mechanics, but the key will be how much Paramount ups its bid by. While this limited window gives Paramount some hope, keep in mind Netflix still maintains the right to match any offer. Paramount would have to offer a jaw-dropping amount to get Netflix to walk away. Wall Street is expecting something big, with shares up more than 5% today (it closed up 2.7% to $28.75). The streaming giant, which granted the seven-day period to Warner Bros., blasted Paramount's "antics" in its own statement. “Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance,” Netflix said in a statement. “While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by (Paramount)’s antics.” Paramount, meanwhile, later said it was ready to discuss a deal, even as it bristled at the limitations. “The WBD Board has chosen to avoid making the customary determination under the Netflix merger agreement that Paramount’s superior $30 per share all-cash offer 'could reasonably be expected to result in' a superior proposal, which would have given it an unfettered right to negotiate without a time deadline,” Paramount said in a statement. “Although the Board’s actions are unusual, Paramount is nonetheless prepared to engage in good faith and constructive discussions.” Public sentiment on which company will ultimately prevail has shifted, with Tuesday's announcement triggering a change on prediction market Polymarket. Paramount is now edging out Netflix, which had been leading for the last two months. Roger
Cheng 
THE REGULATORY RACE
Paramount has continued to position its offer as the more compelling bid not just because of the total value (previously at $30 a share in cash for the entire company, vs. Netflix's offer of $27.75 a share in cash for the streaming and studio business), but because... 
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