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Posted in: Max, Movies, Netflix, Paramount+, TV | Tagged: netflix, paramount, Warner Bros
Paramount Ups Offer for Warner Bros in Revised Bid; Talks Continue
David Ellison's Paramount Skydance revised its hostile bid offer for Warner Bros. Discovery (WBD) enough for the talks with WBD to continue.
Article Summary
- Paramount boosts its bid for Warner Bros. Discovery to $31 per share, sparking renewed merger talks.
- The offer includes a $7 billion regulatory termination fee if the Paramount/WBD deal is blocked.
- Paramount promises to cover WBD's $2.8 billion termination fee if the Netflix deal is canceled.
- Talks continue as WBD considers if Paramount's revised bid is superior to Netflix’s current offer.
Earlier today, Warner Bros. Discovery's (WBD) board announced that it had received a revised offer from David Ellison's Paramount Skydance and was reviewing it, though no details were provided at that time. Now, we're learning more about what Paramount's revised offer includes, as WBD announces that it was enough for WBD and Paramount to continue talks to see if a "Company Superior Proposal" can be reached. Here's a look at some of the highlights:
- Paramount increased its bid to $31 per share in cash (with a daily ticking fee of $0.25 per quarter beginning after September 30th, 2026).
- $7 billion regulatory termination fee payable by Paramount if a Paramount/WBD deal is blocked due to government regulation.
- Paramount would cover the $2.8 billion termination fee that WBD would have to pay if the Netflx deal was terminated,
- "An obligation to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY's lending banks."
- A revised "Company Material Adverse Effect" that would exclude how WBD's Global Linear Networks business was performing, strengthening WBD's position while limiting Paramount's options to terminate or renegotiate terms.
What this means is that WBD has seen enough in Paramount's revised offer to keep the conversation going on other issues, not that a finalized offer is in place. Should Paramount and WBD reach a deal superior to Netflix's offer, the streaming service will have four business days to offer any revisions to its standing offer. "There can be no assurance that the [WBD] Board will conclude that the transaction proposed by PSKY [Paramount] is superior to the merger with Netflix or that any definitive agreement or transaction will result from WBD's discussions with PSKY," the WBD board shared, adding that it "continues to recommend in favor of the Netflix transaction and is not withdrawing or modifying its recommendation."
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