Paramount enhanced its all-cash bid for WBD to $31 per share on February 24, 2026 (up from $30), adding $7 billion breakup fee if regulatory hurdles block it (up $2 billion), covering WBD's $2.8 billion Netflix termination fee, quarterly ticking fees of $0.25 per share post-September 30, and $1.5 billion in WBD financing costs, plus extra equity for solvency. The bid targets WBD shares amid its pending Netflix deal; Paramount will solicit proxies against it and complied with DOJ's Second Request on February 9, 2026, plus German clearance on January 27[1][2]. WBD confirmed receipt on February 24[3]; key players include Paramount Skydance (NASDAQ: PSKY), WBD (NASDAQ: WBD), Netflix, DOJ, and German authorities[1][2][3].
The bid follows Paramount's initial tender offer, amended February 10 to urge WBD board negotiations as a "superior proposal," addressing financing concerns and positioning the deal as pro-competitive against tech/streaming giants. Timeline: German clearance January 27; DOJ compliance February 9; offer revision February 10/24; earnings February 25[1][2].
Newsworthy due to escalating bidding war—Paramount's sweetened terms counter WBD's Netflix pact—amid Paramount's streaming pivot and regulatory scrutiny, potentially reshaping Hollywood consolidation just before WBD's special meeting.[1][2][3]