Warner Bros weighing reopening sale talks with Paramount: reports

Core Viewpoint - Warner Bros Discovery is contemplating reopening sale discussions with Paramount Skydance following an amended offer from Paramount, which may present a more favorable deal compared to the current agreement with Netflix [1][4]. Group 1: Offer Details - Paramount has enhanced its bid for Warner Bros by proposing a 25-cent-per-share quarterly "ticking fee," amounting to approximately $650 million, starting in 2027 until the deal closes [5]. - Paramount has also agreed to cover Warner Bros' $2.8 billion breakup fee to Netflix if Warner Bros decides to withdraw from the Netflix deal [5][7]. - Despite these enhancements, Paramount has not increased its initial offer of $30 per share, which values the deal at $108.4 billion, including debt [5]. Group 2: Strategic Interests - Both Netflix and Paramount are interested in acquiring Warner Bros due to its prominent film and television studios, extensive content library, and major franchises such as "Game of Thrones," "Harry Potter," and DC Comics superheroes [6]. - Activist investor Ancora Holdings, holding a stake of nearly $200 million, has expressed intentions to oppose the Netflix deal, claiming that Warner Bros' board did not adequately engage with Paramount regarding its competing bid [6].