# Set up your environment, install dependencies, etc.
Birmingham City’s owner, Knighthead Capital Management, is among a number of American investors exploring the purchase of potential new franchises in Prem Rugby before a radical shake-up of the sport due to be ratified by the Rugby Football Union on Friday.
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But Paramount has reportedly been eyeing WBD for years and followed December's merger announcement with an aggressive hostile takeover bid. On Tuesday, in addition to raising its offer to buy all of WBD, Paramount also agreed to pay a $7 billion regulatory termination fee should a Paramount-WBD merger fail to close due to antitrust regulation, as well as a $0.25 per share ticking fee for every quarter that the deal doesn’t close, starting on September 30.