ISTANBUL
US media and entertainment company Paramount on Tuesday strengthened its offer to acquire all shares of Warner Bros. Discovery for $30 per share in cash.
In a statement, Paramount said that if the acquisition is delayed beyond Dec. 31, it will pay WBD shareholders a “ticking fee” of $0.25 per share for each quarter, totaling about $650M, reflecting confidence in the regulatory approval process.
“The additional benefits of our superior $30 per share, all-cash offer clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve for their investment,” Paramount CEO David Ellison said in a statement. “We are making meaningful enhancements – backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility.”
The company also said it will assume responsibility for the $2.8B termination fee payable to Netflix.
On Dec. 8 last year, Paramount announced it had submitted an offer to acquire all WBD shares for $30 per share in cash, valuing the company at a total enterprise value of $108.4B.
Paramount’s bid followed Netflix’s announcement that it had reached an agreement with Warner Bros. Discovery.
On Dec. 5, 2025, Netflix said it had agreed to acquire Warner Bros.’ film and television studios, including HBO and HBO Max, for an equity valuation of $72B and a total enterprise value of $82.7B.
On Dec. 17, 2025, WBD’s board recommended shareholders reject Paramount’s offer and support the agreement with Netflix.
Paramount revised its bid on Dec. 22, 2025, maintaining the $30-per-share cash offer. Billionaire businessman Larry Ellison provided a personal guarantee for the $40.4B equity financing.
On Jan. 7, the WBD Board of Directors recommended to shareholders that they also reject Paramount's revised acquisition offer.
Paramount, however, confirmed its offer to acquire Warner Bros. Discovery for $30 per share in cash on Jan. 8.