According to @garyblack00, CNBC reported on Dec 5, 2025 that Paramount Skydance (PSKY) is evaluating a higher all-cash offer for Warner Bros. Discovery (WBD) after its prior $30 per-share bid, which included a $5 billion breakup fee to address regulatory risk (source: CNBC via @garyblack00 on X). According to CNBC, Paramount alleges Warner Bros. did not properly consider the $30 cash offer and is weighing a direct appeal to WBD shareholders with an improved bid potentially above $30 (source: CNBC). According to CNBC, WBD shares rose about 3% to $25.37 after the report, implying roughly 18% upside to $30 and about 26% to a hypothetical $32 based on CNBC’s cited price (source: CNBC). According to @garyblack00, if PSKY lifts the bid to $32 all cash, both WBD (cited at $25.75) and Netflix (NFLX, cited at $99.70) could move higher as investors discount lower odds of NFLX winning (source: @garyblack00 on X). According to CNBC, the potential move to go directly to shareholders represents a near-term corporate action catalyst that merger-arbitrage desks can trade against the reported price levels and offer terms (source: CNBC). According to CNBC, the report contains no crypto-related disclosures for PSKY, WBD, or NFLX, indicating no direct cryptocurrency linkage in this event setup (source: CNBC).