Netflix has converted its $82.7bn (£61.5bn) offer for Warner Bros Discovery into an all-cash deal, keeping the valuation at $27.75 per share to speed approval and counter a hostile bid from Paramount Skydance.
Netflix said the move simplifies the transaction and could allow WBD shareholders to vote as early as April. The WBD board continues to unanimously back Netflix’s proposal. Shareholders would also receive stakes in a spun-off global networks business, including CNN and Discovery, which Netflix is not acquiring.
Paramount is pressing ahead with a larger $108.4bn bid and has sought to disrupt the Netflix deal through legal action and a potential proxy fight. WBD has warned that switching offers would trigger billions in additional costs, including breakup fees and financing penalties.
