Netflix is making a move to buy Warner Bros. Discovery’s studio and streaming business in an all-cash deal worth $72 billion to potentially prevent a hostile bid from Paramount, which offered $77.9 billion last month.

The $27.75 per share cash and stock deal between Netflix and Warner has been revised to provide more value certainty for Warner stockholders and expedite a shareholder vote, now expected by April.

Warner leadership supports Netflix’s merger, with both boards approving the all-cash deal. Warner CEO David Zaslav stated that the revised deal brings them closer to combining two major storytelling companies.

Paramount’s all-cash bid deadline for Warner stockholders is Wednesday, with an enterprise value of $108 billion including debt. Paramount plans a proxy fight and has filed a suit seeking disclosure of bid values from Warner and Netflix.

Antitrust scrutiny is expected for the potential Warner Bros. Discovery sale, with Netflix and Warner aiming to close a merger within 12 to 18 months, but Paramount’s hostile bid could complicate the timeline. President Donald Trump’s potential involvement raises political concerns in the deal.

Media and entertainment industry trade groups warn of job losses and content diversity issues with further consolidation. Netflix and Warner defend the merger, aiming to provide more choice and value to audiences globally while driving job creation and industry growth.

Netflix’s stock rose slightly, while Warner Bros. Discovery and Paramount-Skydance saw slight declines in response to the news.

Read more at Yahoo Finance: Netflix intensifies bid for Warner Bros making its $72 billion offer all cash