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Netflix Goes All-Cash in $82.7 Billion Push for Warner Bros Assets as Rivalry Intensifies

By  |  January 20, 2026

Netflix has shifted to an all-cash proposal for Warner Bros Discovery’s studio and streaming businesses, keeping its overall offer value at $82.7 billion in an effort to blunt rival interest from Paramount, according to Reuters.

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    The revised bid values Warner Bros shares at $27.75 each and has received unanimous backing from the company’s board, per Reuters, citing a regulatory filing released on Tuesday. The move replaces Netflix’s earlier mix of cash and stock and is designed to speed up shareholder approval while offering greater certainty amid a competitive takeover battle.

    Netflix and Paramount Skydance have both been vying for Warner Bros, drawn by its major film and television operations, vast content library and marquee franchises including “Game of Thrones,” “Harry Potter,” and DC Comics characters such as Batman and Superman, according to Reuters. Paramount has revised its own proposal and mounted a public campaign arguing its bid is more attractive, but Warner Bros has so far rejected the overtures from the David Ellison-led group. The company declined to comment on Tuesday regarding Netflix’s updated offer, per Reuters.

    Warner Bros plans to convene a special investor meeting to vote on the Netflix transaction, which the streaming company said is expected to take place by April. Netflix co-CEO Ted Sarandos said, “Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty.”

    Related: President Trump’s Media Investments Stir Ethics Questions After Netflix–Warner Bros. Deal

    Market reaction was mixed. Netflix shares rose about 0.9% in early trading as investors awaited the company’s quarterly earnings report later in the day, according to Reuters. Paramount shares fell 1.9%, while Warner Bros shares slipped 0.5%. Alex Fitch, a portfolio manager at Harris Oakmark and one of Warner Bros’ largest shareholders, said the contest may not yet be settled. “This new agreement only ramps up the pressure,” Fitch said. “The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.”

    Netflix’s stock has fallen nearly 15% since it announced the merger in early December, closing at $88 on Friday, well below the $97.91 floor implied by its original proposal. That decline has been cited by Paramount as evidence that its own offer is more compelling, according to Reuters.

    The new $27.75-per-share cash bid replaces Netflix’s earlier structure of $23.25 in cash and $4.50 in Netflix stock. Warner Bros said, “The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing (Warner Bros) stockholders with certainty of value and liquidity immediately upon closing the merger.”

    In the same disclosure, Warner Bros’ board outlined its valuation for Discovery Global, a planned spin-off that will house television assets such as CNN, TNT Sports and the Discovery+ streaming service. The board has argued that the Netflix deal remains superior to Paramount Skydance’s $30-per-share cash bid because Warner Bros shareholders would also retain an interest in the separately listed Discovery Global, per Reuters.

    Source: Reuters