Benzinga·2026-02-11 07:16Core Insights - Paramount has enhanced its hostile bid for Warner Bros. Discovery (WBD) by introducing a "ticking fee" and a $2.8 billion termination fee to Netflix, aiming to provide shareholders with more value and certainty [1][4] - The revised offer is fully financed with $43.6 billion in equity commitments and $54 billion in debt commitments, indicating strong backing for the acquisition [5] - WBD's market value is nearly $70 billion, with Ancora holding a stake of less than 1% but planning to continue purchasing shares [3] Bid Details - Paramount's all-cash offer remains at $30 per share, with a "ticking fee" of 25 cents per share, potentially totaling $650 million each quarter if the deal is delayed past December 31 [4] - Paramount aims to eliminate WBD's $1.5 billion financing cost related to its debt exchange offer, further enhancing the attractiveness of its bid [4] Corporate Dynamics - The acquisition would merge the largest streaming company with Warner Bros. studio and HBO, intensifying competition in the media industry [7] - Netflix previously agreed to acquire Warner Bros' studios and HBO Max assets for $27.75 per share, setting the stage for a corporate showdown [7][8] - WBD has stated it will "carefully review and consider" the revised bid from Paramount, indicating ongoing negotiations [6]