Netflix has officially revamped its deal to acquire major components of Warner Bros. Discovery, offering to pay all cash in its proposed $83 billion deal.
The move was targeted to stop Paramount Skydance in its rival takeover campaign.
The original agreement between Netflix and Warner Bros. Discovery was amended to an all-cash transaction of $27.75 per share, Variety reported. The deal still carries an $82.7 billion enterprise value, and Discovery Global will be a standalone company.
Under Netflix’s proposal, it would acquire the Warner Bros. film and television studios, HBO and HBO Max, and its games division, Variety reported.
In a statement, both companies said the revised deal “simplifies the transaction structure, provides greater certainty of value for WBD stockholders, and accelerates the path to a WBD stockholder vote.”
The deal counters that of Paramount and CEO David Ellison, which is offering $30 per share in an all-cash offer.
Breaking News: Netflix said it revamped its earlier offer to acquire major parts of Warner Bros. Discovery, as it competes with Paramount for a deal. https://t.co/WtM2DPmz9P
— The New York Times (@nytimes) January 20, 2026
“Today’s revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world,” David Zaslav, the chief executive of Warner Bros. Discovery, said in a statement.
The modified offer would provide shareholders with “greater financial certainty,” Ted Sarandos, the co-CEO of Netflix, added in a statement.
Under the terms of the revamped proposal, Warner Bros. Discovery will reduce the debt that would have been on its cable business by $260 million, The New York Times reported.
Discovery Global will carry cable channels including CNN, TNT and the Food Network, according to The Wall Street Journal.
In its Tuesday filing with the Security and Exchange Commssion, Warner disclosed financial information for its global networks business. That included estimates for the next five years, The Wall Street Journal reported.
The company is projecting $17 billion in revenue for 2026, according to the newspaper.
Shareholders will be able to vote on the proposed deal by April 2026, Variety reported.
Last week, Paramount filed a lawsuit seeking to force Warner to immediately release more information about its Netflix deal, but the complaint was dismissed by a judge.
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