On February 10, 2026, Paramount Skydance Corporation announced that it has amended its $30 per share, all-cash tender offer to acquire Warner Bros. Discovery, Inc., presenting it as a superior proposal to a competing transaction with Netflix. In addition, Paramount stated that the enhanced offer adds a $0.25 per share ticking fee for each quarter the transaction has not closed beyond December 31, 2026, and Paramount will fund the $2.8 billion termination fee payable to Netflix, and Paramount also offers solutions to Company's debt financing costs, including fully backstopping a debt exchange offer and providing flexibility to refinance Company's existing $15 billion bridge loan.
Further, as part of its regulatory progress Paramount noted it complied with the DOJ's Second Request for Information on February 9, 2026, and secured clearance from foreign investment authorities in Germany on January 27, 2026. Furthermore, Paramount sent a letter to the Company Board urging it to declare the amended offer could reasonably be expected to result in a superior proposal and reiterated its intention to solicit proxies against the approval of the Netflix transaction, urging Company shareholders to register their preference for Paramount's offer by tendering their shares.
