Paramount sweetens hostile bid to stop Netflix-Warner Bros. deal

(CNN, KYMA) - David Ellison is ramping up his bid to acquire Warner Bros. Discovery.

Paramount says it will pay Warner Bros. shareholders $650 million for each quarter if its deal with Netflix is not closed. The 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 Warner Bros.' $2.8 billion termination fee for canceling its inked deal with Netflix.

Warner Bros.' management has rebuffed Ellison's offers in the past and stood by its $83 billion Netflix deal.

But, it's a hostile takeover attempt, and shareholders will get the final word as they are expected to hold a special meeting in late March or early April.