In November, Time Warner saw its speculative bid of €1bn, based on elements of cash and debt, rejected by Endemol, which is in the final stages of restructuring its €2.8bn debt.
Endemol confirmed that Time Warner came back yesterday with a revised €1bn (£859m) bid, this time sweetened as an all-cash offer.
"Endemol has received a revised offer from Time Warner," said a spokesman.
"The company has passed it on to the lenders. We remain focused on our discussions with lenders and these have entered the final stages.
"We are confident that a solution that puts the company on a firm financial footing for the future is now imminent."
It is widely expected that Endemol's lenders will reject Time Warner's bid as it currently stands, instead opting for a debt restructure that will see creditors reduce the company's debt to about €500m in exchange for equity.
Endemol's board has until today to hammer out an agreement with the lenders, which are understood to include Apollo Management, Providence Equity Partners, Barclays, RBS and the Lehman Brothers estate.
The company, owned by Goldman Sachs, Mediaset and founder John de Mol's investment vehicle Cyrte, is understood to be on track to make adjusted earnings of €150m this year, and its future prospects appear bright.
RTL, the European broadcast giant that owns The X Factor co-producer Fremantle Media, is also thought to be interested in buying Endemol, but only if an official sale process is launched following the debt restructure.
However, Endemol spokesman Charles Armitstead told CITY AM that the company would most likely resist any takeover approach.
"The preferred route is to continue to reach an agreement with the lenders rather than consider any offers from Time Warner, or indeed anybody else," he said.
"We're confident that an agreement that puts the company back on a strong financial footing is imminent."