Netflix has upgraded its $82.7bn (£61.5bn) bid for Warner Bros Discovery by switching to an all-cash offer, aiming to speed up shareholder approval and fend off a hostile takeover attempt from Paramount Skydance.
The revised offer keeps the valuation at $27.75 per share but removes shares from the deal, giving WBD investors greater certainty and potentially allowing a vote as early as April. The WBD board continues to unanimously support Netflix’s proposal.
Under the deal, WBD shareholders would also receive shares in a spun-off global networks business, including CNN and Discovery Channel, which Netflix is not acquiring.
Paramount is pursuing a larger $108.4bn all-cash takeover and is attempting a proxy fight to overturn the Netflix-backed board decision, after a US judge rejected its legal challenge this week.
Netflix’s move strengthens its position to secure WBD’s key assets, including Warner Bros studios and HBO, while increasing pressure on Paramount’s rival bid.
