A Netflix constructing in Hollywood, California, Dec. 17, 2025.
Zeng Hui | Xinhua Information Company | Getty Photographs
Netflix has adjusted its provide for Warner Bros. Discovery’s studio and streaming property to an all-cash bid, in keeping with an SEC submitting Tuesday.
Netflix now plans to pay $27.75 per WBD share solely in money to accumulate WBD’s streaming platform HBO Max and the Warner Bros. movie studio. The 2 corporations initially reached a deal in December, composed of a mix of money and inventory at an fairness worth of $72 billion.
“The WBD Board continues to assist and unanimously suggest our transaction, and we’re assured that it’s going to ship the very best final result for stockholders, customers, creators and the broader leisure neighborhood,” stated Ted Sarandos, co-CEO of Netflix, stated in a launch on Tuesday.
“Our revised all-cash settlement will allow an expedited timeline to a stockholder vote and supply better monetary certainty at $27.75 per share in money, plus the worth from the deliberate separation of Discovery International,” Sarandos stated within the launch.
CNBC’s David Faber and different media retailers reported final week that Netflix was prone to make the adjustment as Paramount Skydance continues to construct up stress in its hostile takeover try for the whole thing of WBD, which additionally consists of cable TV networks resembling CNN and TNT.
With the provide modification, the timeline for shareholder approval may shift to as early as late February or early March, Faber reported final week, citing sources aware of the matter. Beforehand, shareholders had been anticipated to vote on the deal within the spring or early summer time.
WBD’s board unanimously accepted the amended Netflix provide, in keeping with Tuesday’s submitting. The board has twice really useful that shareholders reject Paramount’s hostile bid in favor of the Netflix transaction.
Paramount just lately sued for info in its hostile pursuit of WBD and has additionally launched a proxy battle, informing WBD shareholders that it intends to appoint administrators for election to the Warner Bros. Discovery board on the firm’s annual 2026 assembly.
On Tuesday WBD additionally filed a preliminary proxy assertion searching for shareholder approval for its take care of Netflix. If the deal had been to be accredited, WBD’s cable TV networks could be spun off into a brand new, publicly traded entity generally known as Discovery International.
If the deal had been to be accredited, the separation is anticipated to be accomplished in six to 9 months, previous to the closing of the transaction between Netflix and WBD.
Netflix reviews earnings after the bell Tuesday, and buyers will likely be on the lookout for additional updates on the sale course of.
