Netflix and Warner Bros. Discovery (WBD) have agreed to amend their merger deal so that Netflix will pay 100% cash for WBD’s studio and streaming assets — instead of a mix of cash and Netflix stock — still valuing the deal at $27.75 per share (about $82.7 billion total) as previously agreed.
This move is meant to simplify the deal structure, give WBD shareholders greater certainty of value, and potentially speed up the shareholder vote to as early as April 2026.
The deal requires regulatory approvals and the completion of WBD’s planned separation of its Discovery Global networks business (including cable and TV assets like CNN and TNT) before Netflix closes its acquisition of the studios and streaming services.
Netflix’s shift to an all-cash offer is also seen as a strategic response to a rival bid by Paramount Skydance, which has been pursuing its own hostile takeover of WBD with a separate all-cash offer.
The amended agreement has unanimous board approval from both companies, but still must clear legal, regulatory, and shareholder hurdles before it can be finalized.
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