Paramount Boosts Bid for Warner Bros. With $650 Million Sweetened Offer[Stocks](https://moneymorning.com/category/article/stocks/) # Paramount Boosts Bid for Warner Bros. With $650 Million Sweetened Offer  by Rich Duprey  February 11, 2026  Share it: The battle for control of **Warner Bros. Discovery** ( [WBD](https://moneymorning.com/stocks/wbd/)) has entered a dramatic new phase as **Paramount Skydance** ( [PSKY](https://moneymorning.com/stocks/psky/)) unveiled a revised, fully financed $30-per-share all-cash bid, valuing the company at $108 billion in enterprise value. Backed by a personal equity guarantee from **Oracle** ( [ORCL](https://moneymorning.com/stocks/orcl/)) founder Larry Ellison, the offer includes covering a $2.8 billion breakup fee owed to **Netflix** ( [NFLX](https://moneymorning.com/stocks/nflx/)) if WBD terminates its existing deal. Additionally, PSKY introduced a $0.25-per-share quarterly ticking fee for any delays beyond December 31, 2026, amounting to roughly $650 million per quarter to compensate shareholders for prolonged uncertainty. This sweetener underscores PSKY's confidence in securing swift regulatory approval, escalating pressure on WBD's board as shareholders parse the competing offers. ## The Bidding War Heats Up The contest between Netflix and Paramount Skydance for Warner Bros. Discovery pits two contrasting visions for the media giant's future. Netflix's amended offer – announced in January – stands at $27.75 per share in cash for WBD's core studios, HBO, and streaming assets like HBO Max, totaling an enterprise value of $82.7 billion. This deal would spin off WBD's linear cable networks into a separate entity called Discovery Global, allowing Netflix to bolster its content library without inheriting the full debt burden of traditional TV operations. In contrast, PSKY's hostile bid targets the entire company, including cable assets, at a premium $30 per share, emphasizing consolidation under a Hollywood-focused umbrella led by CEO David Ellison.  The differences extend beyond price: PSKY's proposal promises to assume all of WBD's liabilities, refinance existing debt, and eliminate $1.5 billion in financing costs tied to a bridge loan. Netflix's approach, while lower per share, offers quicker certainty with less regulatory overlap in linear media, but it leaves shareholders with an "equity stub" in the spun-off entity, potentially diluting immediate gains. PSKY has positioned its offer as superior, highlighting the ticking fee as a hedge against delays and the Ellison family's $43.6 billion equity commitment as proof of financial stability. Despite these incentives, WBD's board has [repeatedly rejected PSKY's advances](https://moneymorning.com/2025/12/05/netflix-to-buy-warner-bros-for-72-billion-time-to-sell/), deeming them inadequate and uncertain due to initial financing concerns – though PSKY later secured Ellison's backing. The board continues to endorse the Netflix transaction, urging shareholders to ignore the tender offer. ## Opposition and Regulatory Scrutiny Mount Adding fuel to the fire, activist investor **Ancora Holdings** revealed a $200 million stake in WBD on Feb. 11 and announced plans to oppose the Netflix merger. Ancora argues that WBD's board failed to properly evaluate PSKY's higher bid, threatening a proxy fight if negotiations aren't reopened. This development amplifies shareholder unrest, as Ancora pushes for maximizing value amid the dueling offers. Meanwhile, the Netflix-WBD tie-up faces intense scrutiny from U.S. regulators and legislators worried about Netflix's growing dominance in streaming, potentially stifling competition in content creation and distribution. Antitrust concerns have delayed approvals, with the Justice Dept. issuing a second request for information. PSKY claims faster clearance prospects, having certified compliance with DOJ inquiries. ## Bottom Line PSKY's offer carries its own regulatory risks, given the scale of combining two major studios and potential overlaps in film and TV production. However, investors appear more alarmed by the massive debt Netflix would incur – potentially exceeding $30 billion after the deal – which has already dragged NFLX shares down over 15% since the bidding intensified. As a shareholder vote looms, WBD's fate hinges on balancing immediate cash premiums against long-term industry consolidation pressures. **Beat the market, without relying on brokers or biased institutions.** Email(Required) Comments This field is for validation purposes and should be left unchanged. Subscribe By submitting your email address, you will receive a free subscription to _Money Morning!_ and occasional special offers from us and our affiliates. You can unsubscribe at any time and we encourage you to read more about our [Privacy Policy](https://moneymorning.com/privacy/). ## One moment, please: Processing your submission ###### More Trending Stories from Money Morning - [Anthropic Mauls CrowdStrike Again. 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