Previously, Paramount and Skydance had offered $30 per share for all of Warner Bros. Discovery in December.
Warner Bros. Discovery states that the new offer is $31 per share, CNBC reports.
The film and television company's owners have previously accepted a bid from Netflix for the film division and parts of the television business for $27.75 per share.
Warner Bros. Discovery will now review the new bid. If it is deemed better than Netflix's offer, the company has four days to improve its bid.
Warner Bros. Discovery includes the film company Warner Bros. as well as several television channels and streaming services, including HBO, HBO Max and CNN.
