By the numbers: How the Netflix, Paramount bids for Warner Bros stack up

ReutersFeb 25, 2026 12:42 AM

Feb 24 (Reuters) - Warner Bros Discovery WBD.O on Tuesday said Paramount Skydance's revised offer PSKY.O could reasonably be considered a superior proposal, opening talks with the Hollywood studio to buy the owner of HBO Max and the "Harry Potter" franchise.

Paramount's revised offer included an increased purchase price of $31 per WBD share in cash, plus a daily ticking fee equal to $0.25 per quarter beginning after September 30.

Netflix, which agreed to buy Warner Bros Discovery's studio and streaming service HBO, will have four days to match the new terms if the Warner Bros board determines the new Paramount bid is superior.

Here is how both the bids compare:

	Netflix	Paramount Skydance
Savings	$2 billion to $3 billion in annual savings	Combined business will execute more than $6 billion in cost synergies
Offer	All-cash $27.75 per share	All-cash tender offer of $31.00 per share and a ticking fee of 25 cents per share for every quarter the deal does not close, starting January 1, 2027
Premium	121.3% to Warner Bros Discovery's closing price on September 10	147% to the undisturbed Warner Bros' stock price of $12.54 as of September 10
Closing	Between 12 months and 18 months	More than 12 months
CEOs	Co-CEOs Ted Sarandos and Greg Peters	David Ellison
Backers and financing	Debt funding of up to $59 billion via Wells Fargo, BNP Paribas, and HSBC Bank, along with cash on hand	The amended offer is fully financed by increased equity commitments of $43.6 billion from the Ellison family and RedBird Capital Partners, a $43.3 billion personal guarantee from Larry Ellison, and $54 billion in debt commitments from Bank of America, Citigroup, and Apollo. Other financing partners include Saudi Arabia's Public Investment Fund, Abu Dhabi-based L'imad Holding Company PJSC, Qatar Investment Authority
Value	Enterprise value of $82.7 billion, equity value of $72.0 billion	Enterprise value of $111 billion, equity value of $80.6 billion
Breakup fee	Netflix to pay $5.8 billion, Warner Bros to pay $2.8 billion	Paramount to pay $7 billion. It has also agreed to cover the $2.8 billion breakup-fee Warner Bros owes Netflix. It also said it would backstop Warner Bros' planned debt exchange, eliminating the risk of a potential $1.5 billion fee owed to bondholders, and would grant WBD the same interim operating flexibility it negotiated with Netflix.
Streaming subscribers	Over 325 million	79.1 million
U.S. President Donald Trump's comments	"I haven't been involved," Trump said in an interview with NBC News in February. "I must say, I guess I'm considered to be a very strong president. I've been called by both sides. It's the two sides, but I've decided I shouldn't be involved. The Justice Department will handle it." Previously, Trump has said, "Netflix is a great company. They've done a phenomenal job. Ted is a fantastic man… They have a very big market share and when they have Warner Bros., you know, that share goes up a lot so, I don't know."	Trump, in a post on Truth Social, criticized CBS and its new owners after Paramount was acquired by Skydance. He said that since the acquisition, the program 60 minutes has "actually gotten worse." In the past, however, Trump has praised Paramount Skydance CEO David Ellison, calling him "great".
Market cap	Valued at $324.56 billion as of the closing price on February 13.	Valued at $11.06 billion as of the closing price on February 13.
Assets on the line	Warner Bros' film and television studios, videogame IP and developers, HBO network and its content library, and the HBO Max streaming service.	All of Warner Bros. Discovery, including film, television, streaming, gaming, and cable television networks such as HBO and CNN.

Source: Company filings, LSEG data, media reports

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