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NETFLIX REVISES OFFER FOR WARNER BROS. DISCOVERY TO MAKE IT ALL-CASH TRANSACTION

The Daily Guardian

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January 21, 2026

Netflix is now offering to buy Warner Bros.

- AGENCIES

Discovery's studio and streaming business in all cash — in an effort to win over the Hollywood giant's shareholders for its $72 billion merger and potentially thwart a hostile bid from Skydance-owned Paramount.Back in December, Netflix struck a cash and stock deal with Warner valued at $27.75 per share, giving it a total enterprise value of $82.7 billion, including debt. But on Tuesday, the companies announced that they would be revising the transaction to simplify its structure, provide more certainty of value for Warner stockholders and speed up the path to a shareholder vote which they said could arrive by April.

The all-cash transaction is still valued at $27.75 per Warner share. Warner stockholders will also receive the additional value of shares of Discovery Global, which would become a separate public company following a previously-announced separation from Warner Bros.

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