Overview
- - Paramount Skydance’s revised proposal offers $31 per share in cash, adds a $0.25-per-share quarterly ticking fee starting Sept. 30, 2026, and includes a $7 billion reverse breakup fee if regulators block the deal.
- - The bid also commits to covering the $2.8 billion termination fee owed to Netflix, adds funding assurances, and carves out linear-network performance from any material adverse effect test.
- - WBD says the Netflix merger agreement remains in effect and still recommended as it continues its review, with a shareholder vote on the Netflix transaction scheduled for March 20.
- - If WBD deems the Paramount offer superior, Netflix would have four business days to negotiate changes or submit a revised proposal under the merger agreement.
- - Paramount seeks to buy all of WBD, including cable networks such as CNN, in a deal reported around $111 billion including debt, whereas Netflix’s agreed transaction targets studios and streaming for roughly $72–83 billion and faces ongoing DOJ antitrust review.