Paramount Skydance has significantly raised its hostile offer for Warner Bros. Discovery (WBD) in an attempt to persuade shareholders to back its bid rather than the competing offer from Netflix. Paramount's new proposal includes a termination fee of $2.8 billion if WBD cancels its existing agreement with Netflix. Additionally, Paramount offered to cover $1.5 billion in fees related to refinancing Warner Bros.'s debt, emphasizing its commitment to making the acquisition viable.

For several months, Paramount has been aggressively pursuing the acquisition of Warner Bros., especially after the surprising decision by Warner Bros. management to agree to sell its studios and the HBO Max streaming service to Netflix for an estimated $82.7 billion at $27.75 per share. In response, Paramount has increased its bid to $30 per share, demonstrating a clear intent to secure the deal amid stiff competition.

Both Netflix and Paramount are vying for Warner Bros. due to its strong film and television studios, expansive content library, and notable franchises, such as the 'Harry Potter' series and various other popular titles. As the competition heats up, the outcome of this acquisition battle could reshape the landscape of media and entertainment, potentially influencing the future of streaming services and content production.