Netflix has four days to match Paramount's sweetened $31-per-share offer for Warner Bros Discovery after WBD's board ruled the bid "superior." The $82.7 billion deal faces regulatory review.
Netflix Gets 4-Day Ultimatum to Top Paramount's $31-Per-Share Warner Bros Discovery Bid in Epic Media Merger Battle (Image: X)
Netflix has been given four business days to beat a sweetened offer from Paramount Skydance for Warner Bros Discovery, after WBD's board ruled the revised bid a "company superior proposal." The announcement Thursday afternoon triggers a window for Netflix to respond or risk losing the $82.7 billion acquisition battle.
In its latest bid, Paramount offered $31 per share for WBD, up from its previous $30 offer. The revised proposal includes a $7 billion regulatory termination fee if the merger is not approved. Paramount also added a "ticking fee" amounting to approximately $650 million in cash each quarter beginning after September.
The increased offer represents a premium over Netflix's original bid and includes stronger financial protections for WBD shareholders. Paramount Skydance chief executive David Ellison said in a statement: "We are pleased WBD's board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."
Netflix's proposed $82.7 billion acquisition of Warner Bros Discovery's streaming and studio assets has been under negotiation for months. The deal would combine Netflix with WBD's extensive content library, including Warner Bros studio, HBO, CNN, and other major entertainment properties.
A special meeting for shareholders to vote on the Netflix acquisition has been scheduled for March 20 by WBD. The impact of Thursday's announcement on that timescale is yet unknown.
David Ellison, Paramount Skydance chief executive, stated: "We are pleased WBD's board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing." The bid pressures Netflix amid regulatory hurdles.
Despite the superior label, WBD's board "continues to recommend in favor of the Netflix transaction and has not withdrawn or modified its recommendation." Shareholders face a special meeting March 20 to vote on Netflix's deal. Thursday's move coincides with Netflix co-CEO Ted Sarandos meeting Trump administration officials in Washington.
The Justice Department will review for competition threats in entertainment. Sarandos told a US Senate subcommittee earlier this month that President Trump "has been nothing but interested in protecting and creating American jobs," defending the deal based on his talks.
A: $31 per share, up from $30.
A: $7 billion regulatory termination fee; $650 million quarterly ticking fee post-September.
A: Four business days to propose revisions.
A: No, board still favors Netflix transaction.
A: Special meeting March 20.
Disclaimer: This article is based on company announcements, regulatory filings, and public statements. Merger negotiations and regulatory reviews remain ongoing.
