Money manager Mario Gabelli said it’s “highly likely” he will tender his clients’ Warner Bros. Discovery Inc. shares to Paramount Skydance Corp. in an effort to spark a bidding war for the film and TV company.

In an interview, Gabelli said Paramount will ultimately have to increase its $30-a-share bid for Warner Bros. and that Netflix Inc. will also likely counter with a higher offer. Saying he supports the Paramount tender is a way of signaling he prefers that outcome.

“We’re in the early rounds,” Gabelli said. “Round five of a nine-round challenge.”

Warner Bros. shares were up 3.8% to $28.26 at the close in New York on Tuesday.

The longtime media investor attended Paramount’s presentation at a UBS conference on Tuesday and walked away impressed. Management “did a very good job” addre

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