Paramount Skydance Corporation

Paramount Skydance Corporation is a global media and entertainment company. Its portfolio includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Media, LLC's animation, interactive/games, and sports divisions. On December 8, 2025, Paramount announced a cash tender offer to acquire all outstanding Series A Common Stock of Warner Bros. Discovery, Inc. at $30.00 per share. This offer is subject to conditions and is set to expire on March 2, 2026, unless extended. On December 22, 2025, the offer was amended to include an irrevocable personal guarantee from Lawrence Ellison for the equity financing and any damages. On February 10, 2026, the offer was further amended to include a $0.25 per Warner Bros. Share cash ticking fee for each quarter the transaction does not close beyond December 31, 2026, and a prepayment of the $2.8 billion termination fee Warner Bros. owes Netflix, Inc. if their merger agreement terminates. Paramount filed preliminary proxy materials on January 22, 2026, and definitive proxy materials on February 17, 2026, to encourage Warner Bros. stockholders to vote against the Netflix transaction. On February 24, 2026, Paramount submitted a revised proposal to the Warner Bros. Board, increasing the purchase price to $31.00 per Warner Bros. Share, accelerating the $0.25 per Warner Bros. Share per quarter daily ticking fee to start after September 30, 2026, and increasing Paramount's regulatory termination fee to $7.0 billion if the transaction fails due to regulatory issues.