Paramount submits revised proposal for Warner Bros. Discovery

Paramount Skydance Corporation has confirmed it has submitted a revised acquisition proposal to the board of directors of Warner Bros. Discovery.

This submission follows a period of engagement with WBD after it received a seven-day waiver under its merger agreement with Netflix to engage with Paramount.

The offer comes after Paramount initially submitted a deal to acquire all of WBD for $30 per share in an all-cash transaction. 

Paramount enhanced its offer with a $0.25 per share “ticking fee,” payable to WBD shareholders for each quarter its transaction has not closed beyond Dec. 31, 2026, a move it says emphasizes its commitment to the deal.

Paramount will also fund a $2.8 billion termination fee payable to Netflix while also offering “solutions” to WBD’s debt financing costs and obligations.

The entry into a transaction with WBD would require the WBD board to determine that Paramount’s revised proposal is a “company superior proposal” under its merger agreement with Netflix, the expiration of a four-business-day match period, termination of the Netflix merger agreement and execution of a definitive merger agreement between Paramount and WBD.

While the WBD board of directors considers Paramount’s revised proposal, Paramount will continue to maintain its previously announced tender offer and its solicitation in opposition to a merger with Netflix.

“Paramount welcomes the WBD Board’s determination and looks forward to continuing to engage constructively with WBD to deliver the benefits of Paramount’s proposal to WBD shareholders, the creative community and consumers,” reads a statement issued by Paramount.

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