Katarzyna Petru
The entertainment industry has seen a dramatic turn of events. As reported by CNBC, Netflix has officially changed its offer for acquiring 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 an aggressive takeover attempt by Paramount.
Details of the new offer: $27.75 per share in cash
According to the latest filing with the American Securities and Exchange Commission (SEC) on Tuesday, January 20, 2026, Netflix plans to pay $27.75 for each WBD share. Unlike the original agreement from December, which proposed a mix of cash and Netflix shares, the current offer is payable entirely in cash. The total equity value of the transaction is approximately $72 billion, and its enterprise value is estimated at nearly $82.7 billion. The change in payment structure aims to provide Warner Bros. Discovery shareholders with greater financial certainty in the face of market fluctuations.
Pressure from Paramount and an Accelerated Schedule
Netflix's move is a direct response to Paramount's actions, which is waging a battle for the takeover of the entire WBD conglomerate (including television stations) for a price of $30 per share. Although Paramount's offer is nominally higher, the management of Warner Bros. Discovery unanimously recommends Netflix's offer, arguing that it offers greater speed and certainty of execution.
With the transition to a cash model, the schedule for the shareholders' vote could be significantly accelerated:
Previous date: Spring or early summer 2026.
New date: The vote could take place as early as April 2026 (and according to some sources even towards the end of February).
New Warner Bros. Division
The transaction with Netflix does not include 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 library of content, including DC Studios).
Discovery Global: Television networks such as CNN, TNT, and Discovery Channel will be spun off into a new publicly traded company, Discovery Global.
The process of separating these entities is expected to take between 6 to 9 months and will be completed before the final acquisition of the film division by Netflix. “Our revised all-cash agreement will accelerate the shareholder voting timeline and provide greater financial certainty” – emphasised Ted Sarandos, co-CEO of Netflix. Investors are closely watching Tuesday’s financial results from Netflix, hoping for additional details regarding the sale process and next steps for the streaming giant.
Source: CNBC, BBC
