05:52 PM EST, 02/26/2026 (MT Newswires) -- Warner Bros. Discovery ( WBD ) said Thursday that its board has determined that the revised proposal from Paramount Skydance ( PSKY ) constitutes a superior proposal compared to its existing merger agreement with Netflix ( NFLX ) .

Paramount Skydance ( PSKY ) will acquire Warner Bros. Discovery ( WBD ) at $31 per share in cash and will begin paying a daily ticking fee of $0.25 per share per quarter after Sep. 30, the company said.

The offer includes a regulatory termination fee of $7 billion, payable by Paramount Skydance ( PSKY ) if the transaction fails to close due to regulatory issues, Warner Bros said.

Paramount Skydance ( PSKY ) will also pay a $2.8 billion termination fee that Warner Bros. Discovery ( WBD ) would owe Netflix ( NFLX ) to terminate the merger agreement.

The deal requires Warner Bros. Discovery ( WBD ) to expire the four-day match period, cancel the Netflix ( NFLX ) merger, and execute a definitive agreement with Paramount.

Warner Bros said that The Ellison Trust would provide $45.7 billion in additional equity funding to extend solvency requirements from Paramount Skydance's ( PSKY ) lending banks.

In a separate press release from Paramount Skydance ( PSKY ), the company acknowledged that Warner Bros. Discovery ( WBD ) has notified it that its board has determined its proposal to be superior.

Netflix ( NFLX ) didn't immediately respond to MT Newswires' request for comment.