NEW YORK — Warner Bros. Discovery has determined that Paramount’s latest takeover offer is superior to the streaming and studio agreement it struck with Netflix, marking a stark shift in momentum in the fight for the storied Hollywood giant.

The owner of HBO Max, DC Studios and popular titles like “Harry Potter” had backed Netflix’s proposal for months. But after Skydance-owned Paramount upped its rival bid for the entire company to $31 per share, in addition to other revisions, Warner’s board on Thursday said that the offer “constitutes a ‘company superior proposal.’”

“We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing,” Paramount CEO David Ellison said in a statement.

That could mean the start of a fresh bidding war over Warner. Netflix now has four business days to try and match Paramount’s proposal to further revise its offer – which currently stands at $27.75 per share for Warner’s studio and streaming business.

Warner on Thursday maintained that Netflix’s bid remains on the table, and that its board “has not withdrawn or modified its recommendation.”