Netflix on Tuesday has revised its $83 billion cash-and-stock bid to accumulate Warner Bros. Discovery’s (WBD) studios and streaming enterprise into an all-cash supply, a transfer seen as a technique to counter Paramount Skydance’s hostile bid.
The streaming large now gives WBD shareholders $27.75 per share totally in money for the studio and streaming property, together with HBO Max.
Netflix mentioned the change supplies shareholders with “enhanced certainty” amid fluctuations in its inventory value and will speed up the timeline for shareholder approval, anticipated by April 2026.
The corporate’s unique deal, accepted by Warner’s board, provided WBD shareholders $23.25 in money plus $4.50 price of Netflix shares per WBD share. Below the revised phrases, shareholders would obtain solely money.
Netflix and Warner executives framed the revised deal as a stronger strategic alignment for the leisure trade.
“At this time’s revised merger Contract brings us even nearer to combining two of the best storytelling firms on the planet and, with it, much more individuals having fun with the leisure they love to observe probably the most,” mentioned David Zaslav, President and CEO of Warner Bros. Discovery.
“By coming along with Netflix, we are going to mix the tales Warner Bros. has instructed which have captured the world’s consideration for greater than a century and guarantee audiences proceed to get pleasure from them for generations to return.”
“The WBD Board continues to assist and unanimously advocate our transaction, and we’re assured that it’s going to ship the very best end result for stockholders, shoppers, creators and the broader leisure neighborhood,” mentioned Ted Sarandos, co-CEO of Netflix.
“Our revised all-cash Contract will allow an expedited timeline to a stockholder vote and supply higher {financial} certainty at $27.75 per share in money, plus the worth from the deliberate separation of Discovery International.”
The executives added that combining Netflix and Warner Bros. would increase production capability, increase unique content material funding, and create jobs throughout the U.S. leisure sector.
Paramount Skydance’s rival supply has sophisticated Netflix’s acquisition plans. In December 2025, Paramount launched a $108 billion hostile bid for all of WBD’s property, valuing the corporate at $30 per share.
The bid was initially criticized by Warner’s board as inferior as a result of it included a $40.65 billion fairness supply with no household backing dedication. Paramount later secured an “irrevocable” $40 billion {financial} dedication from Larry Ellison, CEO David Ellison’s father, however Warner’s board continued to induce shareholders to reject the supply.
If Netflix’s all-cash bid is accepted, WBD will proceed with its deliberate cut up. The Warner Bros. arm, acquired by Netflix, will embrace the corporate’s TV and movie studio companies Warner Bros. Tv, Warner Bros. Movement Image Group, DC Studios and streaming service HBO Max. Discovery International, masking networks reminiscent of CNN, TNT, and Discovery Channel, will likely be spun off right into a separate publicly traded firm.