discovery

Paramount Skydance has sweetened its bid for Warner Bros. Discovery, adding a $2.8 billion “break fee” for Netflix and a payment to shareholders set to increase for every quarter after January 1, 2027 that the transaction does not close.

However, it’s not clear the latest move will do much to sway Warner Bros. Discovery’s board, which has endorsed a rival bid from Netflix.

The David Ellison-led company sent notice Tuesday of its revised offer to the Warner Bros. Discovery board, adding that it was open to further negotiation.

“While we have tried to be as constructive as possible in formulating these solutions, several of these items would benefit from collaborative discussion to finalize,” the letter states. “If granted a short window of engagement, we will work with you to refine these solutions to ensure they address any and all of your concerns.”

Paramount’s all-cash offer still stands at $30 a share. In addition to the termination payment and so-called “ticking fee” for shareholders of 25 cents per share — which the company said would total about $650 million in cash value each quarter — Paramount also said it would “eliminate” Warner’s $1.5 billion financing cost associated with its debt exchange offer.

The company also said it would “provide flexibility” for Warner to refinance its existing $15 billion bridge loan.

Ellison said the new additions to Paramount’s bid “underscore our strong and unwavering commitment to delivering the full value [Warner Bros. Discovery] shareholders deserve for their investment.”

“We are making meaningful enhancements — backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility,” he said in a statement.

Warner confirmed it received Paramount’s new offer and said in a statement Tuesday that it would “carefully review and consider” the revised bid.

However, the Warner board is “not modifying its recommendation” on its agreement to sell its studios, HBO and HBO Max to Netflix, and advised shareholders not to take “any action at this time” on Paramount’s tender offer to shareholders.

Feb. 10 (UPI) — Paramount Skydance announced enhancements to its offer to buy Warner Bros. Discovery as it tries to woo shareholders away from Netflix.

Paramount added a 25-cent-per-share ticking fee, adding up to $650 million cash value per quarter that the transaction doesn’t close beginning in January 2027. It also said it would pay the $2.8 billion termination fee that would be due to Netflix.

The sweetening of the Paramount deal is the latest in the ongoing battle against Netflix to buy the company, which includes Warner Bros. Studios, HBO and HBO Max, among other titles. WBD shareholders must vote to choose between Netflix and Paramount, and the merger must pass federal scrutiny.

In October, Warner Bros. said it was open to offers after getting unsolicited ones. On Dec. 5, after a bidding war between Netflix and Paramount Skydance, Warner Bros. said it would accept Netflix’s offer.

Then Paramount launched a hostile bid to buy WBD. The Warner Bros. board told shareholders not to accept the Paramount bid because Oracle creator Larry Ellison, father of Paramount CEO David Ellison, wasn’t backing the deal. On Dec. 22, Paramount said that it has Larry Ellison’s backing of $40 billion in equity. On Jan. 20, Netflix changed its offer to all cash to make it more attractive to shareholders.

In the new deal, Paramount would eliminate the potential $1.5 billion financing costs that would come with the debt exchange offer. Paramount would fully reimburse WBD shareholders for the $1.5 billion fee without reducing the $5.8 billion reverse termination fee if the deal doesn’t close.

Paramount said it will also cover WBD’s bridge loan if its financing sources won’t extend theirs, including covering the costs.

Paramount’s financing again includes an irrevocable personal guarantee from Larry Ellison of $43.3 billion, covering the equity financing for Paramount’s amended offer as well any damages claims against Paramount.

“The additional benefits of our superior $30 per share, all-cash offer clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve for their investment,” said David Ellison, Paramount chair and CEO, in a statement. “We are making meaningful enhancements — backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility.”

On Feb. 4, Netflix Co-CEO Ted Sarandos testified before the Senate Judiciary Committee’s antitrust subcommittee on the merger. Paramount declined to participate.

EastEnders sees Jake Moon back in Walford next week in scenes with his stunned cousin Alfie Moon, which our soap expert says is ‘crucial’ for both the characters and fans

A familiar face returns home on EastEnders next week, as Jake Moon is reunited with his cousin Alfie Moon.

Fans will remember the character was killed off, or so it seemed, back in 2006. In a case of mistaken identity, or at least a misunderstanding, he was tracked down and seemingly killed.

So imagine the shock on fans’ faces in 2024 when he suddenly returned to Walford, very briefly, with his former flame, and current flame, Chrissie Watts. Jake never died, and despite his family being left to think he was dead he was very much alive.

Spoilers for next week have now confirmed he’s back in Walford, and he finally reunites with Alfie who is under the impression his cousin died 20 years ago. Our soap expert revealed fans can expect “emotional” scenes, and a “crucial” moment that has been a long time coming.

READ MORE: Coronation Street return news leaves fans thrilled as they ‘rumble’ huge changeREAD MORE: Coronation Street to kill off iconic character after 37 years in sad twist

They shared: “It’s a huge moment for fans, but also for Jake and Alfie. It’s a crucial moment that has been a long time coming, and is something both the characters and viewers deserve.

“The mystery about Jake’s fate and for him to then return two years ago with no scenes with Alfie, no closure, was a slight injustice that will finally be corrected. They haven’t seen each other in so long, and Alfie thought his cousin was dead.

“To learn he’s alive and doing well is a great relief to Alfie, and it paves the way for some emotional scenes for them.” His return comes about after he visits Zoe Slater in prison, desperate for answers about what happened with her and Chrissie at Christmas.

He’s not sure he can stay with Chrissie having found out what she’s done, calling time on their romance. Our insider teased Zoe’s words to Jake could shock him.

They said: “The last person Zoe’s expecting to see is Jake Moon. She’s been stopping Kat from tracking down Chrissie out of fear that it could land Jasmine in trouble.

“So when Jake shows up and demands answers about Christmas, Zoe’s forced to decide whether to give him the true events or send him packing. What she has to say leaves Jake reeling, and with a decision to make.”

Jake’s soon catching up with Phil Mitchell too. Fans may recall that Jake accidentally killed his brother Danny Moon who was about to murder Grant and Phil on the orders of Johnny Allen, just like he killed Dennis Rickman.

As he tries to lay the ghosts of his past to rest, Jake comes face-to-face with Phil who offers him guidance about Chrissie. Our expert said of the moment: “Phil has guidance for Jake, and soon he comes to a huge decision that could change everything.

“Whether Chrissie will return to Walford again given what’s happened there, especially at Christmas, remains to be seen. Jake and Kat unite, hoping she will show her face and that it could help Zoe.”

EastEnders airs Mondays to Thursdays at 7:30pm on BBC One and BBC iPlayer. * Follow Mirror Celebs and TV on TikTok, Snapchat , Instagram , Twitter , Facebook , YouTube and Threads.