Netflix has rewritten the terms of its bid for Warner Bros Discovery’s streaming and film business, pledging to pay entirely in cash as it seeks to outmaneuver rival suitor Paramount Skydance in a high-stakes fight for one of Hollywood’s most storied studios.
The revised proposal replaces Netflix’s earlier plan to fund the acquisition with a mix of cash and stock, a shift that both companies say is designed to inject certainty and speed into the approval process.
A Bid Built on Certainty
In a joint statement, Netflix and Warner Bros said the all-cash structure would give shareholders clearer value and allow for a faster vote on the transaction.
The move comes as Paramount Skydance continues to push its competing bid, despite repeated rejections. Netflix’s offer would hand the streaming giant control of Warner Bros’ prized catalog, including blockbuster franchises such as Harry Potter and Game of Thrones, along with streaming platform HBO Max.
Netflix has offered $27.75 per share for the streaming and film units — a valuation unchanged by the revised terms — putting the deal at roughly $72 billion (£54 billion).
Including debt, the enterprise value of the transaction is estimated at about $82 billion (£61 billion).
