IT AIN’T OVER YET: Warner Bros rejects revised Paramount bid, but remains open to a final offer.

Warner Bros Discovery on Tuesday rejected Paramount Skydance’s latest $30-a-share hostile bid, but gave the Hollywood studio seven days to come up with a “best and final” offer for the owner of HBO Max and the “Harry Potter” franchise.

Paramount informally broached an even higher per-share price of $31, Warner Bros said, apparently enticing the board to the table. But its response to Paramount indicates ‌Warner Bros prefers its deal with Netflix, and the odds of a switch are long.

Paramount has until February 23 to make a new offer, which Netflix is allowed to match under the terms of the merger agreement, ‌Warner Bros said.

Stay tuned…