Netflix has proposed an all-cash deal to acquire Warner Bros.

The streaming giant has revised the terms of the agreement to strengthen its position against a competing offer.

Netflix has revised the conditions of its massive acquisition of Warner Bros. Discovery (WBD), announcing a shift to an all-cash transaction structure. This decision is aimed at strengthening its competitive position in the battle against an all-cash offer from Paramount Skydance.

New Terms and Deal Value

Under the revised agreement, Netflix will offer WBD shareholders $27.75 per share exclusively in cash. The total value of the deal remains comparable to the original—$82.7 billion. The previous agreement dated December 5 had stipulated that approximately 84% of the amount would be paid in cash, with the remainder in Netflix stock, which carried the risk of reducing the final sum if the streaming giant's share price fell.

Reasons for Changing the Terms

Netflix explained its decision by citing a desire to "simplify the transaction structure, provide greater certainty of value for WBD shareholders, and accelerate the voting process." An all-cash deal eliminates market volatility and increases shareholder confidence in the final payout amount.

Expediting the Closing Process

The new terms also expedite the deal approval process: the WBD shareholder vote can now take place as early as April 2026. On Tuesday, WBD filed the relevant documents with the U.S. Securities and Exchange Commission (SEC) to comply with the new timeline.

Thus, Netflix is making a strategic move to increase the competitiveness of its offer and minimize risks amidst competition with Paramount Skydance.