Netflix has revised its $82.7bn (£61.5bn) offer for Warner Bros Discovery into an all-cash deal, aiming to speed up approval and block a hostile bid from Paramount Skydance.
The offer keeps the valuation at $27.75 per share but removes shares from the structure, allowing WBD investors to vote as early as April. Netflix said the change provides greater certainty and simplifies the process.
WBD shareholders would also receive shares in a spun-off global networks business, including CNN and Discovery, which Netflix is not buying.
Paramount continues to pursue a $108.4bn takeover and is preparing a proxy fight after a Delaware judge rejected its lawsuit challenging the Netflix deal. WBD’s board has twice urged shareholders to reject Paramount’s bid, citing risks and higher costs.
If completed, Netflix would gain control of Warner Bros studios and HBO, while WBD would face a $2.8bn breakup fee if it abandoned the agreement.
