Netflix Revises Warner Bros. Discovery Bid to $82.7 Billion All-Cash Offer

Netflix revised its acquisition proposal for Warner Bros. Discovery’s studio and streaming operations on January 20, 2026, shifting from a mixed cash and stock deal to an all-cash offer. This development comes amid competition from other bidders in the media sector.

The updated offer from Netflix sets the price at $27.75 per share, maintaining the previously established valuation of approximately $82.7 billion when including Warner Bros. Discovery’s debt. The company increased its committed bank debt financing from $34 billion to $42.2 billion to support the new all-cash structure.

Warner Bros. Discovery’s board of directors unanimously backed the revised proposal. The board’s support follows Netflix’s adjustment of the transaction terms to provide a more straightforward deal structure.

Netflix stated that the revised offer is designed to simplify the transaction, provide greater certainty of value to shareholders, and accelerate the process toward a shareholder vote, which is expected by April 2026. The change in offer structure is intended to address shareholder considerations and streamline the approval timeline.

What the numbers show

• The revised offer is $27.75 per share in cash
• Total deal value is about $82.7 billion including debt
• Netflix increased debt financing from $34 billion to $42.2 billion

In the current competitive environment, Paramount Skydance is also pursuing Warner Bros. Discovery with a separate hostile all-cash bid valued at approximately $108 billion. The presence of multiple bidders highlights ongoing interest in Warner Bros. Discovery’s assets.

The all-cash nature of Netflix’s revised offer is intended to provide greater certainty for shareholders compared to the previous mixed cash and stock structure. According to the company, this approach may help expedite the shareholder approval process.

Warner Bros. Discovery’s board’s unanimous support for the revised proposal marks a procedural step toward completing the transaction. The next stage involves a shareholder vote, which is anticipated by April 2026 according to Netflix’s timeline.

Competition from Paramount Skydance’s higher-valued bid remains a factor as the acquisition process continues. Both offers are structured as all-cash transactions, with each bidder seeking to secure Warner Bros. Discovery’s studio and streaming assets.

* This article is based on publicly available information at the time of writing.