Netflix has switched to an all-cash offer for Warner Bros Discovery’s studio and streaming assets at $27.75 a share. Paramount’s rival bid has been rejected. A special investor meeting is expected to be held by April. Netflix’s co-CEO said the deal will provide greater financial certainty.

Paramount has altered its bid and engaged in aggressive media campaigns. Netflix’s all-cash offer has unanimous support from the Warner Bros board. Netflix shares have fallen while Paramount shares are down. Warner Bros shareholders will retain a stake in Discovery Global after the merger.

The new all-cash agreement replaces Netflix’s earlier cash-and-stock bid. Warner Bros board values Discovery Global, a planned spin-off, higher than Paramount’s offer. The race for Warner Bros may not be over as shareholders weigh the value of cable assets. Warner Bros has reiterated its rejection of Paramount’s bid.

Paramount’s tender offer expires on January 21. The Delaware court rejected Paramount’s request for expedited disclosure. Paramount will make another appeal to shareholders. The race is expected to come to a head at a shareholder vote later this year. Netflix’s move to go all-cash is a smart pivot given its falling share price.

A merger with Netflix would leave the combined company with roughly $85 billion in debt. Netflix is worth more than Paramount. Netflix also agreed to reduce the amount of indebtedness to be borne by Discovery Global. Winning over shareholders may only be the first step in a long process.

Read more at Yahoo Finance: Netflix will now pay all cash for Warner Bros to keep Paramount at bay