Revised $27.75-per-share offer aims to boost certainty for investors and accelerate a shareholder vote as Paramount pressure grows.
Netflix (NFLX) is reshaping one of the most closely watched media battles in years, announcing it will revise its offer for Warner Bros. Discovery (WBD) into an all-cash transaction. The move is designed to simplify the deal structure, increase clarity for shareholders, and speed up the path toward a formal vote—while intensifying competition against rival bidder Paramount Skydance.
Netflix originally proposed a cash-and-stock package valued at $27.75 per Warner Bros. share, implying an enterprise value of $82.7 billion including debt. Under the amended terms, the consideration remains $27.75 per share, but will now be paid entirely in cash. Netflix and Warner Bros. said the change provides greater certainty of value for Warner Bros. investors, removes volatility tied to Netflix stock fluctuations, and reduces friction in completing the transaction.
Warner Bros. shareholders are also expected to receive additional value through shares of Discovery Global, the company’s planned cable-network spinoff. Warner Bros. has argued that separating its legacy cable assets enhances shareholder value and strengthens the overall investment case for the Netflix proposal. The revised structure preserves that upside while making the core studio-and-streaming sale more straightforward.
Both companies confirmed that their boards have approved the amended agreement, signaling continued alignment between management teams as the deal advances. Market reaction was mixed: Netflix shares rose modestly in premarket trading, while Warner Bros. shares edged slightly lower as investors weighed takeover odds, regulatory hurdles, and the value of competing proposals.
The revision comes as Paramount Skydance continues to escalate its pursuit of Warner Bros. Paramount has argued its own bid is superior and has taken increasingly aggressive steps, including plans to nominate its own slate of directors ahead of the company’s next shareholder meeting. That hostile posture has added pressure on Warner Bros. leadership to demonstrate transparency and maximize value.
With Netflix now offering a cleaner, all-cash structure at the same headline price, the deal battle enters a new phase. The outcome could redefine Hollywood’s future power structure—either strengthening Netflix’s control over premium content or setting the stage for a legacy-studio consolidation led by Paramount.
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