Katarzyna Petru
In the entertainment industry, there has been a dramatic turnaround. According to CNBC, Netflix has officially changed its offer to acquire key assets of Warner Bros. Discovery (WBD) to a fully cash proposal. This decision aims not only to simplify the transaction but, above all, to fend off a hostile takeover attempt from Paramount.
Details of the new offer: USD 27.75 per share in cash
According to the latest filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, January 20, 2026, Netflix plans to pay USD 27.75 for each WBD share. Unlike the original agreement from December, which included a mix of cash and Netflix shares, the current offer is payable solely in cash. The total equity value of the transaction is approximately USD 72 billion, with its enterprise value estimated at nearly USD 82.7 billion. The change in payment structure is intended to provide Warner Bros. Discovery shareholders with greater financial certainty amid market fluctuations.
Pressure from Paramount and an accelerated timeline
Netflix's move is a direct response to actions from Paramount, which is fighting to acquire the entire WBD group (including television stations) for $30 per share. Although Paramount's offer is nominally higher, the management of Warner Bros. Discovery unanimously recommends Netflix's offer, arguing that it is quicker and more certain to execute.
Thanks to the shift to a cash model, the timeline for shareholder voting may be significantly accelerated:
Previous date: Spring or early summer 2026.
New date: Voting could take place as early as April 2026 (and according to some sources even late February).
New Warner Bros. Division
The deal with Netflix does not encompass the entire Warner Bros. Discovery empire. According to the plan:
Netflix is acquiring: Warner Bros. Pictures film studio and the HBO Max streaming platform (along with a rich content library, including DC Studios).
Discovery Global: TV networks such as CNN, TNT, and Discovery Channel will be spun off into a new, publicly traded company called Discovery Global.
The process of separating these units is expected to take between 6 and 9 months and will be completed before Netflix's final acquisition of the film division. “Our revised all-cash deal will accelerate the shareholder vote timeline and provide greater financial certainty,” emphasised Ted Sarandos, co-CEO of Netflix. Investors are closely monitoring Netflix's financial results on Tuesday, hoping for additional details regarding the sale process and further steps from the streaming giant.
Source: CNBC, BBC
