Paramount Increases $30/share Bid for Warner Bros. Discovery with Ticking Fee and Netflix Break

Paramount Global (Pарам) has revised its all-cash offer for Warner Bros. Discovery (WBD) to $30 per share, adding a $2.8 billion break fee to Netflix and a quarterly ticking payment of 25 cents per share to shareholders, increasing for each quarter after January 1, 2027 the deal remains unfinalized. The company also eliminated WBD’s $1.5 billion financing cost from its debt exchange and provides flexibility to refinance its $15 billion bridge loan. The board of WBD has not changed its recommendation to sell its studios, HBO, and HBO Max to Netflix, maintaining its stance against Paramount’s revised tender offer. While WBD said it would “carefully review and consider” the new terms, no shareholder action is advised at this time.