Netflix has adjusted its offer for Warner Bros. Discovery’s studio and streaming assets to an all-cash bid of $27.75 per share. The revised agreement aims to expedite the stockholder vote and provide financial certainty. WBD’s board unanimously accepted the new offer, rejecting Paramount’s hostile bid in favor of Netflix’s transaction.

The timeline for shareholder approval of the deal could shift to late February or early March, according to sources familiar with the matter. Previously expected in spring or early summer, the amended offer aligns with WBD’s board recommendation to reject Paramount’s bid. Netflix’s earnings report after the bell Tuesday may provide further updates.

Paramount Skydance’s hostile takeover attempt of WBD, including cable TV networks like CNN and TNT, pressured Netflix to adjust its offer to an all-cash bid. WBD’s board accepted the amended agreement, which could lead to the separation of Discovery Global as a publicly traded entity. Paramount has launched a proxy fight for director nominations at WBD’s annual 2026 meeting.

Read more at NBC Universal: Netflix amends Warner Bros. Discovery offer to all cash