Paramount Skydance Raises Offer for Warner Bros. Discovery to $31/Share; WBD Board Deems it Potentially Superior
PSKY is trading near its 52-week low of $9.95 (6.1% above the low).
Summary
Paramount Skydance has increased its all-cash tender offer for Warner Bros. Discovery to $31.00 per share, which WBD's Board has determined could reasonably lead to a superior proposal over the Netflix merger.
Key Events · M&A and Partnerships · PSKY
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Offer Price Increased to $31.00/Share
Paramount Skydance has raised its all-cash tender offer for Warner Bros. Discovery to $31.00 per share, up from the previous $30.00.
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WBD Board Deems Offer Potentially Superior
Warner Bros. Discovery's Board of Directors has determined that Paramount's revised proposal could reasonably be expected to lead to a "Company Superior Proposal" over the existing Netflix merger agreement.
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Enhanced Deal Terms
The revised offer includes an accelerated ticking fee, an increased regulatory termination fee of $7 billion, coverage of WBD's $2.8 billion Netflix termination fee, and additional equity funding commitments.
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HSR Waiting Period Expired
The Hart-Scott-Rodino Antitrust Improvements Act waiting period for Paramount's acquisition of WBD expired on February 19, 2026, removing a key regulatory hurdle.
Analysis · PSKY · Technology
This filing provides a critical update in the ongoing bidding war for Warner Bros. Discovery. Paramount Skydance has sweetened its all-cash offer by raising the purchase price to $31.00 per share, up from the previously reported $30.00. Crucially, Warner Bros. Discovery's Board of Directors has acknowledged this revised offer as one that could reasonably be expected to lead to a "Company Superior Proposal" compared to its existing merger agreement with Netflix. This development significantly intensifies the acquisition battle, indicating that Paramount's bid is gaining traction and putting pressure on Netflix to potentially revise its own terms or risk losing the deal. Investors should monitor further responses from Netflix and the WBD Board's final determination.
At the time of this filing, PSKY was trading at $10.56 on NASDAQ in the Technology sector, with a market capitalization of approximately $11.5B. The 52-week trading range was $9.95 to $20.86. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.