Paramount Skydance Raises Offer for Warner Bros. Discovery to $31/Share; WBD Board Deems it Potentially Superior

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 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.

• 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.

auto_awesomeAnalysis

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.