David Folkenflik
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He now promises to pay $31 per share, a dollar more than his last offer.
The previous deal included debt and was valued at about $108 billion.
Ellison has made other concessions, too.
Warner has not yet decided the Paramount deal is preferable, but if it does, Netflix will have four days to make a counteroffer.
A shareholder vote is planned for March.
Warner owns HBO Max, HBO, Warner Bros.
Studios, the DC Comics franchises, and cable channels including CNN and Discovery.
Netflix won over Warner with a bid for the TV and movie studios, the streaming platforms and intellectual property, but not the cable channels, in a deal worth $83 billion.
Paramount chief David Ellison started the ball rolling by making a series of unsolicited bids for Warner.
He now promises to pay $31 per share, a dollar more than his last offer.
The previous deal included debt and was valued at about $108 billion.
Ellison has made other concessions, too.
Warner has not yet decided the Paramount deal is preferable, but if it does, Netflix will have four days to make a counteroffer.
A shareholder vote is planned for March.
Netflix corporate board member Susan Rice, a former Obama administration official, said that companies that, quote, bend the knee to Trump should expect to be held accountable.
Trump called for Netflix to fire Rice, but didn't say what those consequences might be.
Netflix will still need approval from regulators to buy streamer HBO Max, Warner Brothers Studios and DC Comics from Warner Brothers Discovery.
Sarandos told the BBC that the decision will be made on business grounds.