ParamountSkydance Sweetens WBD Takeover Bid with Time-Dependent Incentives

Feb 10, 2026 — Paramount Skydance has sweetened its $30 per share all-cash bid for Warner Bros Discovery by tying additional payments to the number of additional quarters the deal remains unfinalized beyond this year, and agreeing to cover the breakup fee HBO would owe Netflix if it walked away. Analysts note the per-share price remains unchanged but the adjustments aim to address regulatory timelines and WBD shareholders’ concerns. "The updated terms increase the odds of closing but do not materially raise the per-share offer," said S&P Global analyst Seth Shafir. "Netflix remains the frontrunner, offering a higher price and a clearer path to regulatory approval." Jonathan Kees of Daiwa Capital said the changes "raise pressure on WBD to reassess" and highlight Netflix's comparative advantages for regulatory clearance. Paolo Pescatore of PP Forensight and Ross Benes of EMarkereter agree the bid is unlikely to shift WBD away from Netflix without a higher per-share offer or regulatory intervention.