Paramount Skydance (PSKY) submitted a revised proposal to acquire Warner Bros. Discovery (WBD) on February 24, 2026. The offer is valued at $31.00 per share in cash. The terms include a $0.25 quarterly ticking fee for periods after September 30, 2026. The proposal also features a $7 billion regulatory termination fee and coverage of a $2.8 billion Netflix fee.
The Warner Bros. Discovery board determined the offer could lead to a superior proposal over its existing Netflix merger. The board opted to engage in further negotiations while maintaining its current recommendation for the Netflix deal.
Paramount Skydance shares closed at $10.39 on February 24, 2026, representing a 1.61% decline. The stock rose 1.15% to $10.51 in after-hours trading. These movements aligned with broader market gains following recent M&A developments.