Warner Bros. Discovery on Tuesday said it will reopen deal talks with Paramount Skydance under a seven-day waiver from Netflix to explore "deficiencies" in Paramount's offer to buy the entirety of WBD.

The legacy media company has a pending transaction with Netflix for its streaming and studio businesses. Paramount launched a hostile tender offer straight to WBD shareholders at $30 per share after losing out to Netflix in a bidding war.