Shares of Warner Bros rose nearly 4%, while Paramount rose about 3%. Warner Bros. and Netflix did not immediately respond to requests for comment.Paramount said the revised terms do not change the $30 per share cash offer even as the battle for Hollywood’s coveted assets intensifies, with control of Warner Bros’ vast library providing a decisive edge in the streaming wars.
“Paramount is still in a precarious position and is making a last-ditch effort to avoid being left in the shadows,” said Paolo Pescatore, analyst at PP Foresight. “The improved supply is a step in the right direction, but it is unlikely to be enough.”
As part of the revised terms, Ellison also agreed not to withdraw from the family trust or transfer its assets during the life of the transaction, the filing showed.
Paramount said it has increased the regulatory reverse termination fee from $5 billion to $5.8 billion to match the competing transaction and extended the expiration date of its offer to Jan. 21, 2026. The offer comes after Warner Bros asked its shareholders to reject Paramount’s $108.4 billion offer for the entire company, including cable TV assets, due to questions over its financing and the lack of a full guarantee from the Ellison family. But Warner Bros investors, including fifth-largest shareholder Harris Associates, have said they would be open to revised offers from Paramount if the company makes a superior offer and addresses issues with deal terms.
REGULATORY SUPERVISION
For either candidate, winning shareholder support is only the first hurdle, as both deals would face intense antitrust scrutiny in the US and Europe.
Lawmakers from both parties have expressed concerns about consolidation in the media industry, and U.S. President Donald Trump has said he plans to weigh in on the transactions.
A combination of Paramount and Warner Bros would create a studio bigger than industry leader Disney and combine two major television operators, a move that some Democratic senators say would give one company control over “almost everything Americans watch on TV.”
A partnership between Netflix and Warner Bros would cement Netflix’s dominance in streaming, creating a group with a total of 428 million subscribers. Netflix has said it would honor Warner Bros’ theatrical commitments and argued the deal would benefit consumers by lowering costs through bundled offerings.
Netflix co-CEO Ted Sarandos has said he is confident the deal will win regulatory approval, arguing it would prevent job losses in an industry already struggling with uneven box-office returns.
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