WBD Receives Revised Paramount Proposal of $31 Per Share

Warner Bros. Discovery has confirmed that it has received a revised proposal from Paramount Skydance Corporation for an increased price of $31 per share in cash, plus a daily ticking fee equal to $0.25 per quarter beginning after September 30.

The revised offer also includes a $7 billion regulatory termination fee payable by Paramount in the event the transaction does not close due to regulatory matters. It also specifies that Paramount would pay the $2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing agreement.

The WBD board has not yet made a determination as to whether the revised Paramount proposal is superior to the agreed-upon merger with Netflix.

In the event that the board decides the Paramount proposal is superior, Netflix will have four business days after the determination to negotiate with WBD and propose revisions to its transaction.