Streaming giant Netflix has revised its proposed $83 billion acquisition of Warner Bros. Discovery’s studios and streaming business, turning the deal into a fully all-cash offer in what analysts see as a strategic move to counter a rival bid involving Paramount and Skydance.
Under the revised proposal announced on Tuesday, Netflix is offering WBD shareholders $27.75 per share in cash for Warner Bros.’ studio and streaming assets, including HBO Max. The shift replaces the earlier cash-and-stock structure and provides shareholders with a guaranteed payout.
Netflix said the all-cash structure offers “enhanced certainty” for investors amid fluctuations in its share price and could fast-track shareholder approval, which is now expected by April 2026.
The original agreement, which had already been approved by Warner’s board, proposed $23.25 in cash plus $4.50 worth of Netflix shares per WBD share. Under the new terms, shareholders will receive cash only.
Executives from both companies described the revised deal as a stronger alignment for the future of global entertainment.
“Today’s revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world,” said David Zaslav, President and CEO of Warner Bros. Discovery.
“By coming together with Netflix, we will combine the stories Warner Bros. has told for more than a century and ensure audiences continue to enjoy them for generations to come.”
Netflix co-CEO Ted Sarandos said the company remains confident the deal represents the best outcome for all stakeholders.
“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash,” Sarandos said, adding that the deal also includes value tied to the planned separation of Discovery Global.
Both companies noted that a combined Netflix–Warner Bros. entity would significantly expand production capacity, increase investment in original content, and create new jobs across the U.S. entertainment industry, while reshaping the competitive landscape of global streaming.
