In today’s Digest, we discuss Paramount’s latest attempt to buy WBD; Alphabet planning a 100-year sterling bond sale, Apple and Google proposing App Store changes after a CMA probe

Paramount sweetens WBD deal, HBO Max hits UK

Paramount Skydance said Tuesday it has improved its offer for Warner Bros. Discovery (WBD), adding a “ticking fee” to demonstrate confidence in regulatory approval. The move doesn’t raise the bid’s headline value, which remains an all‑cash hostile offer of USD$30 (£22.20) per WBD share, launched in December. Paramount continues to argue its proposal is superior to WBD’s pending tie‑up with Netflix.

Chief executive David Ellison said the enhanced bid reaffirms Paramount’s “strong and unwavering commitment” to deliver full value for shareholders. The ticking fee would pay WBD investors 25 cents per share for every quarter the deal remains uncompleted after the end of 2026 - worth about USD$650m (£481m) each quarter - compensating for delays in receiving approval.

Paramount also pledged to cover the USD$2.8bn (£2.07bn) termination fee WBD would owe Netflix if that deal collapses, and to absorb a potential USD$1.5 bn (£1.11bn) refinancing cost of debt.

Meanwhile, Warner Bros Discovery is set to launch HBO Max in the UK and Ireland on 26th March, marking the first time its full streaming proposition will be available directly to consumers in the market. The rollout brings together content from HBO, Warner Bros Pictures, Warner Bros Television, DC Studios and Max Originals into a single service for UK and Irish audiences. The launch will also see HBO Max added as a subscription channel on Prime Video in the UK.

Alphabet plans 100-year Sterling Bond sale

Alphabet is preparing to issue a rare 100-year bond as part of an expanded borrowing push, underlining how aggressively Big Tech is tapping debt markets to finance soaring investment in AI. People familiar with the transaction said Google’s parent company plans to include the century bond in its first-ever sterling-denominated bond sale. 

Alongside the sterling deal, Alphabet is also raising USD$20bn (£14.8bn) through a US dollar bond offering, which was increased from an initial USD$15bn (£11.1bn) due to strong investor demand. The company is additionally preparing a bond issuance in Swiss francs, according to the same sources.

Apple & Google propose App Store changes 

Apple and Google have agreed to introduce changes to their app store practices in the UK, marking the first formal commitments secured from major technology platforms under the country’s new digital markets regime. According to the Competition and Markets Authority (CMA) the changes are intended to give app developers more equitable commercial terms and enable businesses to compete more effectively with Apple’s own digital wallet services. 

The commitments represent the first outcomes since the UK’s digital competition rules came into force last year. If firms fail to comply, the CMA can escalate investigations and impose enforcement actions or fines.