Netflix converts Warner Bros. bid to all-cash offer
Netflix has converted its bid to acquire Warner Bros. Discovery (WBD) into an all-cash offer, dropping the stock component originally included in its takeover proposal for the Hollywood studio and streaming giant. Under the revised terms, Netflix will pay $27.75 per WBD share entirely in cash, maintaining a total enterprise valuation of about $82.7 billion for the transaction. This change replaces the earlier cash-and-stock structure and aims to simplify the deal while offering greater value certainty for Warner Bros. shareholders amid a competitive acquisition battle with rival suitor Paramount Skydance. Both Netflix’s board and Warner Bros. Discovery’s board have given unanimous support to the amended all-cash agreement, which Netflix and WBD expect could lead to a shareholder vote as early as April 2026. The deal continues to face regulatory and shareholder approvals, and includes the planned spin-off of WBD’s cable networks into a separate company, Discovery Global, which shareholders will also receive value from upon closing.
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