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

Feb 27 (Reuters) – Paramount Skydance on Friday said it will acquire Warner Bros. Discovery in a $110 billion deal, ending a bidding contest for the owner of HBO Max after Netflix walked away.

The transaction is expected to close in the third quarter of 2026. 

David Ellison-led Paramount paid the $2.80 billion termination fee that Warner Bros owed Netflix, the streaming giant said in a regulatory filing.

Netflix declined to match Paramount’s $31-per-share offer, which Warner Bros. Discovery deemed superior to Netflix’s $27.75-per-share agreement for its studio and streaming assets.

Here is how both the bids compare:

  Netflix  Paramount Skydance

Savings $2 billion to $3 Combined business will

billion in annual execute more than $6

savings billion in cost

synergies

Offer All-cash $27.75 per All-cash tender offer

share of $31.00 per share

and a ticking fee of

25 cents per share for

every quarter the deal

does not close,

starting September 30,

2026

Premium  121.3% to Warner Bros 147% to

Discovery’s closing the undisturbed Warner

price on September 10 Bros’ stock price of

$12.54 as of September

10

Closing Between 12 months and More than 12 months

18 months

CEOs Co-CEOs Ted Sarandos David Ellison

and Greg Peters

Backers Debt funding of up to The amended offer is

and $59 billion via Wells fully financed by

financing  Fargo, BNP Paribas, increased equity

and HSBC Bank, along commitments of $45.7

with cash on hand  billion from the

Ellison family, a

personal guarantee

from Larry Ellison,

and $57.5 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 Enterprise value of

$82.7 billion, equity $110 billion, equity

value of $72.0 billion value of $81 billion

Breakup Netflix to pay $5.8 Paramount to pay $7

fee billion, Warner Bros billion. It has also

to pay $2.8 billion 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 Over 325 million 79.1 million

subscriber

s

U.S. “I haven’t been Trump, in a post on

President involved,” Trump said Truth Social,

Donald in an interview with criticized CBS and its

Trump’s NBC News in February. new owners after

comments  “I must say, I guess Paramount was acquired

I’m considered to be a by Skydance. He said

very strong president. that since the

I’ve been called by acquisition, the

both sides. It’s the program 60 minutes has

two sides, but I’ve “actually gotten

decided I shouldn’t be worse.” In the past,

involved. The Justice however, Trump has

Department will handle praised Paramount

it.” Previously, Trump Skydance CEO David

has said, “Netflix is Ellison, calling him

a great company. “great”.

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.”

Market cap Valued at Valued at

$357.15 billion as of $12.43 billion as of

February 27. February 27.

Assets on Warner Bros’ film and All of Warner Bros.

the line television studios, Discovery, including

videogame IP and film, television,

developers, HBO streaming, gaming, and

network and its cable television

content library, and networks such as HBO

the HBO Max streaming and CNN.

service.

Source: Company filings, LSEG data, media reports

(Reporting by Zaheer Kachwala, Anhata Rooprai, Arnav Mishra, Juveria Tabassum and Sneha S K in Bengaluru and Juby Babu in Mexico City; Editing by Arun Koyyur, Sriraj Kalluvila, Rashmi Aich, Shinjini Ganguli, Maju Samuel and Tasim Zahid)