Overview
- Paramount Skydance faces an 11:59 p.m. ET deadline to submit a best-and-final offer, with sources indicating a likely raise to about $32 per share above its prior $30 bid.
- After any revised proposal arrives, Netflix has four days to match or walk away under its existing agreement with Warner Bros. Discovery.
- Netflix’s signed December deal values Warner’s studios and streaming at $27.75 per share with linear networks slated for a Discovery Global spin-off, while Paramount is bidding for the entire company.
- Warner would owe Netflix a $2.8 billion breakup fee if it selects a higher Paramount offer, which Paramount has said it will cover, alongside a $0.25-per-share quarterly ticking fee past the end of 2026.
- Regulatory scrutiny is intensifying as the DOJ expands its antitrust review of Netflix’s deal, while Paramount reports the HSR waiting period has expired in the U.S. and Germany has granted clearance; prediction markets show a close contest, with Netflix around 46% and Paramount 43%.