Paramount sweetens WBD bid without raising $30-per-share price

Paramount Skydance adjusted its all-cash offer for Warner Bros. Discovery but left the $30-per-share top line unchanged. The move marks founder David Ellison's ninth bid after eight previous offers were rejected, and it comes as Netflix pursues a separate $27.75-per-share cash deal for WBD's streaming and studio assets, a transaction that would exclude the company’s cable channels.

The revised offer adds a "ticking fee" that would pay WBD shareholders $0.25 per share—about $650 million—every quarter the deal remains unclosed beginning January 2027. Paramount also offered to cover takeover-related costs, including a $2.8 billion breakup payment to Netflix and a potential $1.5 billion debt refinancing expense.

Paramount reiterated that the $43.6 billion in equity behind its $108 billion proposal is fully backstopped by the Ellison family.

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