WBD Says Paramount Sweeter Offer Might Lead To Better Deal Than Netflix
Deadline • • business
Key Points:
- Warner Bros. Discovery's board has determined that a new proposal from Paramount could potentially qualify as a "Company Superior Proposal" under its merger agreement with Netflix, prompting further talks with Paramount's David Ellison company.
- Paramount's improved offer includes a $31 per share cash price, a $0.25 per quarter ticking fee after September 30, 2026, a $7 billion regulatory termination fee, payment of the $2.8 billion Netflix termination fee, additional equity funding commitments, and a narrowed Material Adverse Effect clause excluding WBD's Global Linear Networks business.
- WBD's board has not yet decided if Paramount's revised proposal is superior to the existing Netflix deal but is engaging with Paramount to explore a potential agreement; if
