Netflix has revised its $82.7bn (£61.5bn) takeover offer for Warner Bros Discovery into an all-cash deal, aiming to speed up shareholder approval and block a rival bid from Paramount Skydance.
The offer keeps the valuation at $27.75 per share but removes shares from the structure, giving investors greater certainty and potentially allowing a vote as early as April. Netflix said the WBD board continues to unanimously support the deal.
WBD shareholders would also receive shares in a separate global networks business, including CNN and Discovery Channel, which Netflix is not acquiring.
Paramount is pursuing a larger $108.4bn hostile takeover and is preparing a proxy fight to replace WBD directors and overturn the Netflix-backed agreement. A recent lawsuit by Paramount challenging the deal was rejected by a Delaware judge.
Netflix would gain control of key assets such as Warner Bros studios and HBO, while WBD has warned that switching to Paramount’s offer would trigger billions in extra costs.
