New Delhi, Dec. 4 -- Paramount Skydance Corp has more than doubled the proposed breakup fee in its bid to acquire Warner Bros Discovery Inc to $5 billion, in a move aimed at outshining competing offers.

The US-based media company will pay the amount to Warner Bros if a deal is agreed but not consummated. A breakup fee is typically paid to compensate the disappointed party for costs and lost opportunities.

The considerable hike from the previous $2.1 billion breakup fee signals Paramount's confidence that its proposed merger will clear regulatory scrutiny, Bloomberg reported.

Warner Bros, the parent of the television channels HBO and CNN, is weighing offers from three big media companies :

- Paramount Skydance Corp.

- Netflix Inc.

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