Woo

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.

The family of David Adam Williams, better known as YouTube personality Adam the Woo, has shared his cause of death. The travel vlogger’s father revealed in a Monday Facebook post that his son died of natural causes.

“Our beloved Son … your beloved friend … died, in essence, of a heart attack in his sleep from health issues he probably never knew he had,” wrote Jim Williams, who said he had received his son’s medical examiner’s report earlier that day. “Now, we can all stop guessing. Be grateful the Lord allowed him to die at home and not in a foreign country. Be grateful he was found by friends (as hard as that was) and not some nameless stranger.”

Jim Williams shared that Adam Williams’ official cause of death was atherosclerotic and hypertensive cardiovascular disease, with obesity as a contributory factor. According to the American Heart Assn., atherosclerotic cardiovascular disease is caused by plaque buildup on arterial walls. Hypertensive heart disease is related to high blood pressure.

Williams, known for his theme park and urban exploration videos, was found dead in his Celebration, Fla., home on Dec. 22. He was 51.

A self-described “‘80s pop culture nerd with a desire to travel and video what I see,” he had posted more than 4,000 videos about his adventures at Disney and Universal Studios theme parks, pop culture conventions, movie filming locations, abandoned cities and more since 2009 across two YouTube channels. Combined, his channels had more than 1 million subscribers.

“If you never met Adam, I want you to know, that how you saw him on video, that was our son,” Jim Williams said in a Jan. 11 YouTube video about his son. “That was how Adam lived his life. He was always courteous, he was always kind, he was always patient with people. He was always gentle, even when he had to correct people. … He would stop and talk to everybody.”

Williams, who had addressed his Facebook message to Adam’s friends and fans, concluded his post with gratitude: “Thank you for loving Adam.”