WBD Board Reviewing Paramount’s Amended Offer, Which Includes Paying Netflix $2.8 Billion to Go Away
February 10, 2026
Warner Bros. Discovery’s board of directors Feb. 10 disclosed that it is reviewing an amended hostile bid by Paramount Skydance to acquire the entire media company for $108.4 billion.
“The board is not modifying its recommendation with respect to the Netflix merger agreement,” WBD wrote in a statement. “WBD will review the amended tender offer and advise its stockholders of the board’s recommendation after the completion of that review.”
The board urged WBD stockholders not to take any action with respect to the amended Paramount Skydance tender offer.
WBD currently has accepted a $82.7 billion offer from Netflix for its studio and streaming business assets only. The television assets would be spun off into a separate standalone company headed by current CFO Gunnar Wiedenfels.
Key to Paramount’s updated bid is the media company’s willingness to pay Netflix the guaranteed $2.8 billion cancellation fee should WBD decide to walk away from the streamer’s deal. Paramount is also offering shareholders a $650 million per quarter “ticking fee” should the transaction closing extend beyond Dec. 31.
Paramount, whose bid is largely funded by tech billionaire Larry Ellison, father of Paramount CEO David Ellison, has not raised its $30-per-share all-cash bid. That has kept more than 90% of WBD shareholders for tendering their shares for the hostile bid.
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