Warner Bros. Discovery (WBD) has determined that a revised takeover bid from Paramount Skydance Corporation (PSKY) is superior to a previous agreement with Netflix (NFLX). The PSKY proposal offers $31.00 per share for WBD, includes $57B in committed debt, and covers a $2.8B termination fee payable to NFLX. Netflix (NFLX) has four business days to counter the offer or potentially collect the breakup fee, which represents approximately 30% of its $9B annual net income.