Paramount shares surged more than 6% Tuesday after Warner Bros. Discovery said it would reopen negotiations with CEO David Ellison, giving him until Feb. 23 to submit his “best and final” offer for the company, Yahoo Finance reports.

The rally came as Warner granted a seven-day window to address concerns in Paramount’s revised $30-per-share bid. Shares of Warner Bros.

Discovery rose 2.3% on the news, while Netflix — whose $83 billion deal remains the board’s preferred option — slipped 1.4%.

Despite reopening talks, Warner’s board reiterated its support for Netflix’s offer and urged shareholders to vote against Paramount’s proposal ahead of a March 20 special meeting.

Ellison’s latest bid includes $43.6 billion in equity commitments and $54 billion in debt financing, along with a potential bump to $31 per share if talks progress.