Paramount Sweetens Takeover Bid for Warner Bros. Discovery to Trump Netflix Offer
Paramount Skydance has raised its takeover offer for Warner Bros. Discovery to $31 per share, intensifying a bidding war with Netflix as rivals compete to acquire the Hollywood powerhouse.
Paramount Skydance has increased its hostile bid to acquire Warner Bros. Discovery, offering $31 per share in cash — up from its earlier $30-per-share proposal — in an effort to challenge Netflix’s existing agreement to buy parts of the media group.
The revised offer includes additional financial incentives, such as a $7 billion regulatory termination fee should the deal fail due to antitrust hurdles and coverage of the roughly $2.8 billion termination payment Warner Bros. Discovery would owe Netflix if it opts for Paramount’s bid. Paramount’s move reignites the high-stakes contest for Warner’s famed assets, including HBO, the Warner Bros. studio library and other entertainment franchises.
Warner’s board of directors has confirmed it is reviewing the new proposal with legal and financial advisers, though it continues to recommend the Netflix deal at this stage. Under merger rules, if Paramount’s proposal is declared a “Company Superior Proposal,” Netflix will have a limited window to improve its offer or walk away.
The competition highlights the shifting dynamics of the global entertainment industry, as major players jockey for scale in streaming, intellectual property and theatrical distribution — and as regulators scrutinise potential consolidation.
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