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“Cash Only” Netflix Bid for Warner Bros Discovery Officially Confirmed – Warner Board Says “Yes”

Published January 20, 2026, 13:23
“Cash Only” Netflix Bid for Warner Bros Discovery Officially Confirmed – Warner Board Says “Yes”

Netflix has officially converted its offer to acquire Warner Bros Discovery’s studios and streaming operations to an all-cash deal, securing unanimous approval from HBO’s owner’s board of directors. The revised proposal does not increase the price tag, remaining at $82.7 billion. The move aims to definitively close the door on potential bids from Paramount, according to a regulatory filing released by Warner Bros on Tuesday, and will also expedite the shareholder voting process to formally close the deal. Both Netflix and Paramount are vying for Warner Bros due to its top-tier film and television studios, extensive content library, and strong franchises such as Game of Thrones, Harry Potter, and DC Comics superheroes, including Batman and Superman. $27.75 per share in cash Under the revised proposal, Netflix will pay $27.75 per share in cash to Warner Bros shareholders for the film and television studios, extensive library, and HBO Max platform, instead of the initial combination of cash and stock. Previously, the offer included $23.25 in cash and $4.50 in Netflix shares. “The merger consideration is a fixed amount of cash, paid by a company with an investment grade credit rating, providing Warner Bros shareholders with value certainty and immediate liquidity upon the completion of the transaction,” Warner Bros stated in its regulatory filing. “Today’s revised merger agreement brings us even closer to combining two of the largest content production companies in the world, and with that, even more people will be able to enjoy the entertainment they love to watch the most,” said David Zaslav, Chairman and CEO of Warner Bros. Discovery. “By merging with Netflix, we will combine the stories Warner Bros has told that have captivated the world for more than a century and ensure that audiences will continue to enjoy them for generations to come.” “The WBD Board continues to unanimously support our deal, and we are confident it will deliver the best outcome for shareholders, consumers, creators and the broader entertainment community,” said Ted Sarandos, CEO of Netflix. “Our revised all-cash agreement will allow us to accelerate the shareholder vote timeline and provide greater financial certainty with $27.75 per share in cash, plus the value from the planned spin-off of Discovery Global. Together, Netflix and Warner Bros will offer a wider selection and greater value to…”