Netflix has revised its offer to acquire Warner Bros Discovery’s studios and streaming operations by switching to an all-cash bid worth $82.7 billion, gaining the unanimous support of Warner Bros’ board of directors. Under the amended terms, Warner Bros stockholders would receive $27.75 per share in cash as part of the acquisition agreement.
According to media reports, the amended all-cash structure is intended to provide greater value certainty and liquidity for Warner Bros shareholders and to accelerate the timeline for a shareholder vote, which could occur by April 2026. The change replaces Netflix’s earlier cash-and-stock proposal and is widely seen as a strategic response to a rival bid from Paramount Skydance, which had been mounting a hostile takeover attempt with a higher per-share offer.
The Netflix-Warner Bros agreement continues to include plans to spin off certain cable networks and related assets into a separate publicly traded entity known as Discovery Global, with Warner Bros stockholders retaining value from both the cash payout and their interests in the new company. The board of Warner Bros has emphasised that the revised all-cash offer is superior to the competing bid, citing concerns about financing risks and execution uncertainty associated with Paramount’s proposal.
Netflix and Warner Bros Discovery have filed preliminary proxy materials with regulators to support the shareholder vote, and are engaging with competition authorities in the United States and abroad as part of the normal antitrust review process. The transaction remains subject to regulatory approvals, completion of the Discovery Global spin-off and shareholder consent before it can close, a process that could take 12–18 months from the start of the merger agreement.
