In December last year, Warner Bros. Discovery announced that Netflix would buy the company in a deal that was then valued at $82.7 billion. Paramount has since made several hostile bids and also filed a lawsuit. Netflix has also adjusted its bid.
Warner Bros. Discovery shareholders will vote on Netflix's bid for the company on March 20. Warner Bros. Discovery's board has recommended that shareholders accept the offer from Netflix.
A little over an hour after the New York Stock Exchange opened, Paramount shares rose 6.4 percent and Warner Bros. Discovery's rose 2.2 percent. Netflix fell 1.6 percent.
