Netflix converts Warner Bros. bid to all-cash
Netflix has amended its takeover offer for Warner Bros. Discovery (WBD) into an all-cash proposal worth $27.75 per share, removing the stock component in an effort to counter a hostile bid from Paramount Global. The revised proposal maintains an enterprise value of roughly $82.7 billion and targets WBD’s film and television studios, HBO, and HBO Max, while excluding several cable networks that would be spun off into a separate entity called Discovery Global.
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WBD’s board has unanimously approved the amended Netflix offer and set a shareholder vote for April 2026. Meanwhile, Paramount is continuing its own hostile campaign with a competing all-cash offer valued at $108.4 billion at $30 per share, alongside legal and proxy efforts aimed at derailing Netflix’s bid.
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