On Tuesday, Netflix announced that it is modifying its deal with Warner Bros. Discovery, a move that counters Paramount's ongoing bid to acquire the oldest studio.
In the amended version, the streaming giant has officially agreed to pay all cash to WBD in the $82.7 billion deal that was locked in Dec 2025.
Netflix revives Warner Bros; Now it's all cash
In a surprising move by the streaming giant, Netflix challenged Paramount’s deal to acquire Warner Bros. Discovery.
In December, Warner Bros. Discovery announced that it was selling its studios and streaming businesses in a historic deal valued at $82.7 billion (equity value of $72.0 billion), structured as a combined cash-and-stock transaction.
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More than a month later, Netflix’s offer was challenged by Paramount–Skydance’s $108.4 billion all-cash bid.
However, in a revised version of its offer, Netflix has now promised an all-cash transaction, while maintaining the same valuation of $27.75 per WBD share.
The press release read that the, ''revised agreement simplifies the transaction structure, provides greater certainty of value for WBD stockholders, and accelerates the path to a WBD stockholder vote.''
‘’The all-cash transaction provides enhanced certainty around the value WBD stockholders will receive at closing, eliminating market-based variability,'' the press release reads.
The WBD stockholders will be able to vote on the proposed transaction by April 2026. The amended new deal was unanimously approved by the Boards of Directors of both Netflix and WBD.
What was Netflix’s original December agreement?
For those who may be confused, there is not much difference between the original and revised deal, except for the shift to an all-cash structure.
In December, Netflix and Warner Bros. Discovery, Inc. (WBD) entered into an agreement under which the streaming giant would acquire Warner Bros., including its film and television studios, HBO Max, and HBO.
The Netflix revised deal comes after Paramount Skydance sued WBD, seeking disclose financial details of its deal with Netflix.

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