Netflix has switched to an all-cash offer for Warner Bros. Discovery’s studio and streaming assets but without increasing the $82.7 billion price. The aim clearly seems to be to shut the door on Paramount’s rival efforts to snag the Hollywood giant.
The new all-cash bid — at $27.75 a share — has unanimous support from the HBO owner’s board, according to a January 20 regulatory filing. The new offer from Netflix replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock.
Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros. has spurned the offer of the David Ellison-led company. “Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty,” Netflix co-CEO Ted Sarandos said in a statement.
