Paramount Sweetens Hostile Bid for Warner Bros. Discovery as Activist Challenges Netflix Deal

Overview

• Paramount kept its cash offer at US$30 per share and added a US$0.25-per-share quarterly ticking fee if the deal remains unfinished after December 2026.
• The company pledged to cover the US$2.8 billion breakup fee owed to Netflix and to guarantee refinancing, paying up to US$1.5 billion in related fees if required.
• One report framed Paramount’s package at about US$108.4 billion and cited additional quarterly payments of roughly US$650 million if completion slips past 2026.
• Warner’s board has unanimously endorsed Netflix’s roughly US$82.7 billion all-cash proposal at US$27.75 per share, with a vote set for April after a planned separation of Discovery Global.
• Activist investor Ancora Holdings has built about a US$200 million stake and, according to sources, intends to oppose selling to Netflix, as U.S. authorities reportedly issue subpoenas seeking information on competitive effects.