Paramount Skydance on Tuesday sent a sweetened version of its $30 per share all-cash offer to Warner Bros. Discovery’s board as its battle to topple Netflix’s acquisition deal heats up.
The revised offer includes an agreement to pay the $2.8 billion termination fee to Netflix, as well as a “ticking fee” for WBD shareholders of 25 cents a share — or $650 million — for each quarter the transaction has not closed beyond Dec. 31, 2026.
In a letter to WBD’s board, Paramount also pledged to fully reimburse a potential $1.5 billion in debt refinancing, if incurred.
“The additional benefits of our superior $30 per share, all-cash offer clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve for their investment,” Paramount Skydance CEO David Ellison said Tuesday.
“We are making meaningful enhancements – backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility.”
Paramount, which has repeatedly cast doubt on Netflix’s ability to achieve regulatory clearance, said it complied with a second request for information from the DOJ on Monday and secured clearance for its tender offer from foreign investment authorities in Germany last month.
Netflix and Warner Bros. Discovery did not immediately respond to The Post’s requests for comment.
In December, Netflix agreed to pay $27.75 a share in cash in a deal worth $72 billion to acquire WBD’s studio and streaming business – potentially creating a Hollywood mammoth that owns everything from “Stranger Things” to the “Harry Potter” franchise.
While Paramount is seeking to acquire the entirety of Warner Bros. Discovery, Netflix’s deal hinges on the successful spin-off of Discovery Global, which includes cable assets like CNN, Discovery, TNT, TLC and Cartoon Network.
Paramount has argued that Versant, a flopped spin-off of NBCUniversal cable assets including CNBC and MS NOW, should act as a cautionary tale – claiming Discovery Global could be virtually worthless.
The Justice Department has launched a sweeping review of Netflix’s operations, opening up a monopoly probe into the streaming giant as it reviews the deal, The Post previously reported.
It is not just completing a standard review into Netflix’s planned acquisition, but diving into the streamer’s overwhelming market clout – with more than 80 million subscribers in the US and over 300 million worldwide, The Post first reported last month.
Netflix has said it is not aware of any investigation into potentially monopolistic practices outside of the standard review process.
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