Paramount sweetens hostile bid for Warner Bro. Discovery takeover

(CNN)– David Ellison is ramping up his bid to acquire Warner Brothers Discovery.

Now, Paramount says it will pay WBD shareholders $650 million for each quarter its deal with Netflix is not closed.

That offer starts next year.

It is intended to hedge uncertainty around obtaining regulatory approval, which could take months or years.

Paramount is also offering to pay WBD’s $2.8 billion dollar termination fee for canceling its inked deal with Netflix.

WBD’s management has rebuffed Ellison’s offers in the past and stood by its $83 billion Netflix deal.