Netflix has amended its previously agreed deal with Warner Bros. Discovery (WBD) to make it an all-cash offer at $27.75 per share for WBD’s film, television, and streaming assets, retaining the $82.7 billion enterprise valuation, as it seeks to strengthen its position against a rival bid from Paramount Skydance. The revised proposal has received unanimous support from the Warner Bros. board and aims to simplify the transaction while addressing concerns raised in the ongoing bidding contest.
TL;DR
- Netflix converts its Warner Bros. deal to an all-cash offer of $27.75 per share, valuing the deal at about $82.7 billion.
- The Warner Bros. board supports the amended terms, backing Netflix amid takeover pressure.
- Paramount Skydance continues its hostile rival bid, while regulatory and shareholder approval timelines take shape.
- The cash-only offer is positioned as providing greater certainty to shareholders compared with mixed cash-and-stock terms.
Netflix’s move comes after months of competition over Warner Bros. Discovery’s future. The streaming giant first agreed to acquire the studio and streaming businesses in December 2025, offering a mix of cash and stock that values the transaction at roughly $82.7 billion, or $27.75 per share.
The newly revised all-cash offer retains the same per-share price but replaces the previously planned stock component with cash only. According to filings and company announcements, this shift aims to provide greater financial certainty and liquidity for Warner Bros. shareholders and could help accelerate the path toward a shareholder vote expected later this year.
Netflix leadership emphasized that the cash-only structure simplifies the deal, making it more attractive in a context where rival offers and market pressures have put deal terms under intense scrutiny. Warner Bros.’ board reiterated that it continues to support the amended Netflix deal, stressing that the offer remains superior in terms of structure and certainty compared with competing bids.
Topics For More Insights
Rival Bid From Paramount Skydance
Paramount Skydance, headed by media executive David Ellison, has mounted a hostile bid for Warner Bros. Discovery that remains in contention. The rival proposal has been presented in public filings and investor communications as an all-cash tender offer at a higher per-share figure than Netflix’s offer, aiming to convince Warner Bros. shareholders of its superior value.
Paramount has also pursued legal action and proxy fight measures aimed at forcing additional disclosures from Warner Bros. and gaining leverage in the bidding process. A Delaware court recently rejected Paramount’s request to compel expedited disclosure of certain deal information, preserving the current timeline for review by investors.
Despite the contest, Warner Bros.’ leadership has maintained public support for Netflix’s revised proposal, citing concerns about risk, financing structure, and strategic fit.
Deal Dynamics And Next Steps
Under the revised agreement, Warner Bros. shareholders will receive cash at the agreed $27.75 per share when the transaction closes, and a separate spin-off of WBD’s global linear networks (including cable channels) into a new publicly traded company is expected before or concurrent with the Netflix acquisition.
Both Netflix and Warner Bros. have indicated that they expect a shareholder vote on the deal later in the year, with regulators also expected to review the transaction given its scale and concentration in media and streaming markets.
Following the announcement of the all-cash offer, Netflix’s stock saw modest gains, reflecting investor reaction to the updated deal terms, while Warner Bros. shares showed slight declines in post-market trading.
