Paramount Skydance has enhanced its Warner Bros Discovery bid by offering extra cash for each quarter the deal fails to close after this year.
Paramount also agreed to cover the breakup fee Warner Bros would owe Netflix if it walked away.
Even though the company did not raise its overall per-share offer, the sweeteners mark the firm’s latest attempt to woo Warner Bros shareholders in its prolonged battle with Netflix for control of some of the world’s most prized TV and film assets.
The CBS parent on Tuesday announced that it has offered a 25-cent per share “ticking fee” that will equal to about $650 million in cash each quarter between the start of 2027 and the close of a deal with Warner Bros.
It did not raise its overall offer of $30 per share, or $108.4 billion, for the whole of Warner Bros including cable assets.
But Paramount would fund the $2.8 billion termination fee that Warner Bros would owe Netflix if their $82.7 billion deal for its studio and streaming assets falls through.
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Both Netflix and Paramount covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as “Game of Thrones,” “Harry Potter” and DC Comics’ superheroes Batman and Superman.
Several analysts said the move signalled Paramount’s confidence that the Netflix deal may fail to pass regulatory scrutiny and it would have an easier path to approval, but it may not be enough to sway investors waiting for a higher offer.
“The sweetened offer still appears to fall short. It does, however, raise pressure on Warner Bros and somewhat narrows the excuses,” an analyst at PP Foresight, Paolo Pescatore, told Reuters.
Warner Bros Discovery and Netflix did not immediately respond to requests for comment. Warner Bros shares were 1.6% higher, while Netflix gained 2.7% and Paramount was up 0.7%.
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