Paramount is aiming to defeat Netflix in the bidding war with Warner Bros.

Paramount's stock rose 0.9% on Thursday, following reports from insiders that the company has more than doubled the proposed breakup fee in their acquisition offer to Warner Bros, now at $5 billion. This move is aimed at making their acquisition proposal more attractive in order to beat out competitors. If the two companies reach an agreement but ultimately fail to complete the deal, this amount will be paid to Warner Bros. Insiders say that this indicates Paramount is confident in their ability to pass regulatory scrutiny for their merger proposal. Paramount had previously proposed a breakup fee of $2.1 billion.