Warner Bros. Discovery’s board is weighing a return to talks with Paramount Skydance after the bidder sweetened its hostile $30-a-share cash offer with new protections tied to timing and breakup costs, even as Netflix presses ahead with its own acquisition agreement. Variety first reported the board’s renewed openness, and people familiar with the discussions said directors have not settled on a response.
The revised Paramount Skydance package keeps the headline price at $30 per share and values the deal at about $108.4 billion including debt, while adding a 25-cent-per-share quarterly “ticking fee” starting in 2027 if the transaction has not closed. The bidder also offered to cover the $2.8 billion termination fee Warner Bros. Discovery would owe Netflix if Warner walked away from the Netflix agreement.
Paramount Skydance framed the changes as an attempt to answer Warner’s prior objections about certainty and regulatory path. In a letter released by the company, David Ellison said the group has added “meaningful enhancements” and pointed to progress with regulators, including a certification of compliance with a U.S. Department of Justice second request that starts a waiting period and foreign-investment clearance in Germany. The tender offer’s current expiration date is March 2.
Warner’s existing pact with Netflix, amended Jan. 20, sets an all-cash payment of $27.75 per share for Warner’s studios and streaming assets, plus shares in a planned spinoff of Discovery Global. David Zaslav said the revision moves the deal closer to a shareholder vote expected by April 2026.
Investor pressure is rising. Ancora Holdings disclosed a nearly $200 million stake and said it plans to vote against the Netflix deal unless the board changes course, calling Paramount’s offer higher and cleaner. Paramount has also explored governance tactics, including discussions with Matthew Halbower of Pentwater Capital Management about a potential board slate tied to a proxy fight.
