Warner Bros. Discovery’s board said Thursday that Paramount Skydance’s latest offer to acquire the company, including its cable networks, is “superior” to its current deal with Netflix.

In a news release, Warner Bros. said it’s alerted Netflix about the decision and that the company will have four business days to respond with a counter.

Paramount’s updated offer, released Tuesday, raised the purchase price to $31 a share from $30 — a deal that would value Warner Bros. Discovery at roughly $77 billion. The proposal also included a $7 billion reverse termination fee if regulators block the deal, along with reimbursement for Warner Bros. Discovery’s potential cost to cancel its deal with Netflix.

Netflix and Warner Bros. had previously agreed to a $72 billion deal, in which Netflix would acquire Warner Bros. Discovery’s film studio, along with HBO and the HBO Max streaming service.

Netflix and Paramount did not immediately return requests for comment.