Overview
- Warner Bros. Discovery’s board determined Paramount Skydance’s revised proposal is a company superior proposal, starting a four‑business‑day match period for Netflix earlier Thursday.
- Hours later, Netflix said it would not raise its $27.75‑per‑share offer for the studios‑and‑streaming assets, effectively exiting the bidding.
- Paramount’s all‑company offer includes $31 per share in cash, a $7 billion reverse termination fee, a 25‑cent per‑share quarterly ticking fee after Sept. 30, and payment of WBD’s $2.8 billion break fee owed to Netflix.
- Financing support includes roughly $45.7 billion in equity from the Ellison Trust and about $57.5 billion in bank debt commitments, with additional equity pledged if required by lenders.
- The Netflix merger agreement technically remains in place until terminated, with a March 20 shareholder vote still scheduled and U.S. Justice Department and international reviews ongoing.