Overview
- Warner Bros. Discovery said it received Paramount Skydance’s amended unsolicited tender and will evaluate it under the Netflix merger agreement.
- The board is not changing its recommendation in favor of the Netflix deal as it conducts its review of the Paramount offer.
- Paramount’s revision adds a $40.4 billion personal financing guarantee from Larry Ellison and lifts the regulatory breakup fee to $5.8 billion while keeping the cash price at $30 per share.
- Major shareholder Harris Oakmark called the changes “necessary, but not sufficient,” signaling the new terms still fall short.
- The tender deadline has been extended to January 21, 2026, with both potential transactions expected to face extensive antitrust scrutiny.