Paramount raises breakup fee in Warner Bros bid to $5 billion, Bloomberg News reports

Dec 3 (Reuters) – Paramount Skydance has raised the proposed breakup fee in its bid to acquire Warner Bros Discovery to $5 billion from $2.1 billion, Bloomberg News reported on Wednesday, citing people familiar with the offer. The sum would be paid to Warner Bros if a deal is agreed to but not consummated, the report said, in a sign that Paramount has confidence its proposed merger would pass muster with regulators. Paramount Skydance and Warner Bros Discovery declined to comment on the report. Warner Bros Discovery received a second round of bids, including a mostly cash offer from Netflix, a source familiar with the matter told Reuters on Monday. Bankers for Paramount Skydance, Comcast and Netflix worked over the weekend on improved offers for all or part of Warner Bros. The board of the HBO and CNN parent rejected a nearly $60 billion offer from Paramount Skydance in October and said it was exploring its options for sale. (Reporting by Juby Babu in Mexico City; Editing by Alan Barona)

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