Paramount Skydance confirmed its Warner Bros. Discovery deal on Friday, with the takeover expected to close in Q3, pending regulatory clearances and shareholder approval.

Netflix says it will not upgrade its offer to acquire Warner Bros. after Warner Bros. Discovery's board determined that the Paramount Skydance offer is superior to its agreed-upon transaction with the streaming giant.

Paramount's Q4 revenues rose modestly to $8.1 billion, driven largely by its direct-to-consumer segment, where revenues were up by 10% to $2.2 billion.

Paramount Skydance has sweetened its pitch to Warner Bros. Discovery shareholders, adding an additional $0.25 per share "ticking fee" for each quarter the transaction is not closed beyond December 31, 2026.

Paramount Skydance's David Ellison has sent a letter to Warner Bros. Discovery shareholders outlining the next steps in its attempt to acquire the company via a $30-per-share all-cash offer, including a lawsuit seeking "disclosure of basic information."