New Delhi, Feb. 25 -- Paramount Skydance is now the front-runner to win control of Warner Bros. Discovery-the latest plot twist in a messy takeover battle that will upend Hollywood.

Warner said on Tuesday that its board of directors had decided that Paramount's $31 a share bid "could reasonably be expected to lead" to a proposal superior to the deal it agreed with Netflix in December.

If Warner does decide that Paramount's proposal is better, Netflix would have a four-day window to decide to match it. Netflix's most recent, all-cash offer was $27.75 a share for Warner's streaming and studios assets, with the Discovery Global cable business being spun out to investors. For now that deal remains in place and the board is recommending in f...