Paramount has amended its bid for Warner Bros. Discovery yet again, adding a 25 cent per share ticking fee to what it calls its “superior” $30 per share, all-cash offer. The fee, which is the equivalent of approximately $650 million cash value each quarter, would be paid to shareholders for every quarter the transaction is not closed beyond Dec. 31, 2026.

The company has also committed to funding a $2.8 billion termination fee, payable to Netflix, as a potential solution to WBD’s debt financing costs and obligations.

Paramount also noted it complied with the DOJ’s second request for information related to its all-cash tender offer on Monday and received clearance from foreign investment authorities in Germany on Jan. 27.

“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,” CEO David Ellison said in a statement.

More to come…