Netflix has revised its $82.7bn (£61.5bn) takeover bid for Warner Bros Discovery, replacing its cash-and-shares offer with an all-cash deal worth $27.75 per share.
The change is intended to speed up approval and give shareholders greater certainty, potentially allowing a vote as early as April. WBD’s board continues to unanimously back the Netflix deal.
The move counters a hostile $108.4bn all-cash bid from Paramount Skydance, which is seeking to derail the agreement through a proxy fight. A recent Paramount lawsuit challenging the Netflix deal was rejected by a Delaware judge.
Under the Netflix agreement, WBD would spin off its global networks business, including CNN and Discovery Channel, while Netflix would acquire assets such as Warner Bros studios and HBO.
