Paramount Raises Stakes in WBD Pursuit: Wrestling News & Rumours – February 10, 2026

John Powell

Paramount Raises Stakes in WBD Pursuit: Wrestling News & Rumours – February 10, 2026

Here are the latest Slam Wrestling News and Rumours from the world of pro wrestling.

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Paramount has sweetened their offer for Warner Brothers Discovery. Their new pitch includes:

  • Ticking fee: To underscore confidence in the speed and certainty of its regulatory pathway, Paramount is adding an incremental cash consideration to WBD shareholders of $0.25 per share – equivalent to approximately $650 million cash value each quarter – for every quarter the transaction is not closed beyond December 31, 2026.
  • Termination fee: Paramount will fund the payment of the $2.8 billion termination fee due to Netflix concurrent with the termination of the Netflix agreement as set forth in the revised proposed merger agreement filed with the amended tender offer.
  • Debt financing cost: Paramount will eliminate WBD’s potential $1.5 billion financing cost associated with its debt exchange offer by fully backstopping an exchange offer that relieves WBD of its contractual bondholder obligations. Paramount will fully reimburse WBD’s shareholders for the $1.5 billion fee, without reduction to the separate $5.8 billion reverse termination fee, in the unlikely event that (i) the exchange is not successful, and (ii) the Paramount transaction does not close.
  • Bridge loan refinancing: If WBD’s financing sources will not extend the maturity of WBD’s existing $15 billion bridge loan, Paramount’s debt financing sources are fully prepared to do so (with any incremental costs covered by Paramount). Alternatively, Paramount will permit WBD to structure permanent financing in any way it chooses so long as the debt is redeemable at a commercially reasonable cost.
  • Interim operating covenants: Paramount will provide WBD flexibility between signing and closing, including by matching any comparable Netflix interim operating covenants.
  • Discovery Global Business Protections: To provide WBD shareholders further certainty of closing, Paramount is open to discussing with the WBD Board of Directors contractual solutions to account for the possibility of continuing deteriorating financial performance beyond what WBD is currently projecting for its linear network business.
  • Fully Financed Offer with No Financing Condition: Paramount’s amended offer is fully financed by an increased $43.6 billion of equity commitments from the Ellison Family and RedBird Capital Partners and $54.0 billion of debt commitments from Bank of America, Citigroup and Apollo.
  • Personal Guarantee from Larry Ellison: As with Paramount’s December 22 offer, Paramount’s financing includes an irrevocable personal guarantee from Larry Ellison of $43.3 billion, covering the equity financing for Paramount’s amended offer as well any damages claims against Paramount.
  • Netflix’s Uncertain Range of Cash Plus Equity in the Declining Discovery Global: In sharp contrast to the value and regulatory certainty provided by Paramount’s offer, the Netflix deal asks WBD shareholders to approve a transaction where they do not have any idea how much actual cash consideration they will receive, since it is predicated upon the financial condition of Discovery Global at the time of separation and its resulting debt capacity.Under the Netflix merger agreement, WBD would need to place $17 billion in debt on Discovery Global at time of separation to achieve the high end of the merger consideration range, if the separation were to occur on June 30, 2026. WBD has not provided WBD shareholders any financial information about Discovery Global to demonstrate that Discovery Global could support that quantum of debt.

    Discovery Global’s closest comparable company, Versant Media, debuted this January with ~1.25x net leverage. Versant began trading at ~4.5x EV / EBITDA and has since seen its multiple contract to ~3.5x EV / EBITDA. At this valuation multiple, Discovery Global would have no equity value. For reference, WBD’s own financial advisors produced a discounted cash flow analysis that yielded a low of just 72 cents per share.

    Based upon Paramount’s analysis, if Discovery Global is spun off with leverage in line with Versant, the Netflix cash consideration would be reduced to $23.20 per share. Assuming both a multiple and leverage ratio in line with Versant, Discovery Global’s equity value would be ~$3.55 per share, resulting in a total package value of only ~$26.75 for the Netflix deal. Paramount’s $30.00 all-cash offer is 12% higher.

The Sandman’s final in-ring opponent will be…The Invisible Man. His match will be held at Spring Break X on April 17, 2026. Sandman ran interference during Sabu’s final match last year.

NJPW posted this tribute:

New Japan Pro-Wrestling is deeply saddened to learn of the passing of former IWGP Heavyweight Champion Tadao Yasuda. He was 62.

Born October 9, 1963 in Tokyo, Yasuda went into sumo wrestling from junior high school, where he competed at a high level through a 13 year career, retiring in May of 1992. From there, Yasuda would join New Japan Pro-Wrestling and debuted on February 24 1994 against Hiroshi Hase.

In the early 2000s, Yasuda would head to the original Inoki LA Dojo where he trained in MMA in addition to continuing in pro-wrestling. His efforts paid off with strong performances in 2001, and the biggest win of his fighting career on New Year’s Eve over Jerome Le Banner. The next April, Yasuda would win the vacant IWGP heavyweight Championship by defeating Yuji Nagata in a tournament final.

Heading up the fearsome Makai Club stable, Yasuda continued to be a formidable force in NJPW until his departure in 2005. Yasuda eventually retired from professional wrestling in February 2011.

The thoughts and deepest sympathies of all at New Japan Pro-Wrestling go to Yasuda’s family, friends and fans.

Raw was dedicated to veteran employee Jim Shank who passed away last week due to cancer. He worked for the company for 26 years as part of the production crew.

Double Or Nothing will be taking place at the Louis Armstrong Stadium in Queens, New York City. Word is it will be held on Sunday, May 24th.

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