Michelle Davis

David Ellison is trying to rewrite the ending to the most dramatic story in Hollywood.

Warner Bros Discovery Inc. is considering reopening sale talks with rival Hollywood studio Paramount Skydance Corp. after receiving its hostile suitor’s most recent amended offer, people with knowledge of the matter said.

Netflix Inc. is working on revised terms for its Warner Bros. Discovery Inc. acquisition and has discussed making an all-cash offer for the company’s studios and streaming businesses, people familiar with the discussions said.

The Netflix Inc. plans that clinched the deal for Warner Bros. Discovery Inc. started to shape up around Thanksgiving.

Netflix Inc. agreed to buy Warner Bros. Discovery Inc., marking a seismic shift in the entertainment business as a Silicon Valley-bred streaming giant tries to swallow one of Hollywood’s oldest and most revered studios.

Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions.

Comcast Corp., owner of the European pay-television service Sky, is in talks to buy ITV Plc’s media and entertainment arm in a deal that would dramatically shake up the UK broadcasting landscape.