Paramount Skydance has enhanced its $30-per-share bid for Warner Bros Discovery by offering extra cash for each quarter the deal fails to close and agreeing to cover the breakup fee the HBO owner would owe Netflix if it walked away from their deal. The 25-cent per share “ticking fee” will equal to about $650 million in cash each quarter between January 1, 2027, and the consummation of the Paramount deal, the company said yesterday.

According to a Reuters report, Paramount will also fund the $2.8 billion termination fee that Warner Bros owe Netflix if the deal falls through.

Warner Bros Discovery and Netflix did not immediately respond to requests for comment.

Both Netflix and Paramount covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as ‘Game of Thrones’, ‘Harry Potter’ and DC Comics’ superheroes Batman and Superman.

Paramount has engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned the David Ellison-led company.

Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April.