Paramount’s Sweetened Bid Could Surpass Netflix in WBD Talks
Warner Bros. Discovery said Paramount’s revised, sweeter offer could reasonably be deemed a superior proposal under its merger agreement with Netflix and will continue talks with Paramount’s Skydance-backed bid, while Netflix’s deal remains in place. The new bid values Paramount at $31 per share in cash, includes a $0.25 per quarter ticking fee starting after Sept. 30, 2026, a $7 billion regulatory termination fee, and repayment of WBD’s $2.8 billion Netflix termination fee, plus equity funding and a modified material adverse effect clause. If the board concludes the PSKY offer is superior, Netflix would have four business days to negotiate; there’s no guarantee a deal will close.