Just saw WBD's board saying yeah, the Paramount Skydance offer could actually work. They're looking at $31 per shr in cash plus a quarterly ticking fee thing, which is pretty interesting. The whole deal would cover that $2.8B breakup fee they'd owe Netflix if they walk, and Paramount's putting up $7B if regulators kill it.

So basically Netflix still has the right to counter - they get four business days to match or beat whatever WBD decides. The Netflix merger's technically still on the table, board still backing it for now. But clearly they're taking Paramount seriously with this revised proposal.

Stock reactions were mixed overnight. WBD popped a bit after hours, Paramount jumped around 1.3%, Netflix gained under 1%. Feels like the market's just watching to see which way this goes. The Netflix deal was supposed to be locked in, but here we are with actual competition for WBD's shr. Wild timing for this kind of negotiation drama.