Paramount Sweetens $30 Bid, Extends Tender Deadline for Warner Bros. Discovery
Paramount added a 25-cent-per-share ticking fee and extended its tender offer to March 2.
Overview
Paramount amended its unsolicited $30-per-share tender offer for Warner Bros. Discovery and extended the tender deadline to March 2, the company said Feb. 10.
Paramount said Feb. 10 it will pay a 25-cent-per-share 'ticking fee' if the transaction does not close by Dec. 31, which it said equals $650 million per quarter.
Warner Bros. Discovery confirmed it received Paramount's amended unsolicited tender offer and said its board would review the proposal but did not change its recommendation for the Netflix deal, the company said Feb. 10.
As of Feb. 9, Paramount reported 42.3 million Warner shares had been validly tendered and not withdrawn, down from 168.5 million on Jan. 21, and Warner has about 2.48 billion shares outstanding, filings show.
The U.S. Department of Justice has opened reviews of both Warner's agreement with Netflix and Paramount's bid, and Warner expects a shareholder vote by April, company filings show.
Analysis
Center-leaning sources present this coverage as neutral: they rely on factual reporting, quantitative shareholder figures, and company statements while noting responses from Warner, regulators and unions. Language is straightforward, with limited evaluative wording; sourcing includes Paramount quotes, Warner's formal reply, and mention of DOJ and labor concerns, balancing perspectives.
Sources (3)
FAQ
Paramount added a 25-cent-per-share ticking fee ($650 million per quarter) if the deal doesn't close by Dec. 31, pledged to fund Warner's $2.8 billion breakup fee to Netflix, and offered flexibility for refinancing Warner's $15 billion bridge loan.
Warner Bros. Discovery confirmed receipt of the amended offer and stated its board would carefully review it, but did not modify its recommendation for the Netflix deal and advised shareholders not to take action on Paramount's tender offer.
As of February 9, 42.3 million Warner Bros. Discovery shares had been validly tendered and not withdrawn, down from 168.5 million on January 21, out of about 2.48 billion shares outstanding.
The U.S. Department of Justice has opened reviews of both Warner's Netflix agreement and Paramount's bid. Paramount complied with the DOJ's Second Request on February 9, 2026, and secured clearance from German foreign investment authorities on January 27, 2026.
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