Netflix revised its takeover bid for Warner Bros Discovery’s studio and streaming assets, switching to an all-cash offer while keeping the overall value at $82.7 bn. The new proposal values Warner Bros shares at $27.75 each and replaces an earlier cash-and-stock deal.
The Warner Bros board has unanimously backed the revised offer, according to a regulatory filing released on January 20.
Rivalry with Paramount intensifies
Both Netflix and Paramount Skydance are competing for Warner Bros, drawn by its film and television studios, deep content library and franchises such as Game of Thrones, Harry Potter and DC Comics superheroes. Paramount has adjusted its bid and launched a public campaign to win over investors, but Warner Bros has continued to reject the approach.
Warner Bros declined to comment on Netflix’s revised offer.
Shareholder vote expected by April
Netflix said a special shareholder meeting to vote on the deal is expected by April. Co-CEO Ted Sarandos said the all-cash structure would speed up the process and give investors greater certainty.
Netflix shares rose 0.9% in early trading, while Paramount shares fell 1.9% and Warner Bros stock dipped 0.5%.
Discovery Global seen as key advantage
Warner Bros has argued that Netflix’s offer is superior to Paramount’s $30-per-share cash bid because investors would retain a stake in Discovery Global, a planned spin-off holding cable assets such as CNN, TNT Sports and Discovery+.
Advisers valued the spin-off at between $1.33 and $6.86 per share depending on future scenarios, though Paramount has said the cable business is effectively worthless.
Regulatory hurdles remain
Paramount’s tender offer expires on January 21 and the bidding battle could continue if it raises its proposal. Even with shareholder approval, the deal faces potential regulatory scrutiny as lawmakers warn that further media consolidation could reduce competition and consumer choice.
Kursiv also reports that Netflix has revealed a list of television series set to premiere in 2026.
