Katarzyna Petru
In the entertainment industry, there has been a drastic turnaround. According to CNBC, Netflix has officially changed its offer to acquire key assets from 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 from Paramount.
Details of the new offer: $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 $27.75 for each WBD share. Unlike the original agreement from December, which included a mix of cash and Netflix stock, 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 amid market fluctuations.
Pressure from Paramount and Accelerated Schedule
Netflix's move is a direct response to Paramount's actions, which is battling to acquire the entire WBD conglomerate (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 faster and more certain to execute.
With the transition to a cash model, the shareholder voting schedule may be significantly accelerated:
Previous deadline: Spring or early summer 2026.
New deadline: The vote may take place as early as April 2026 (and according to some sources even in late February).
New Warner Bros. Division
The deal 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 content library, including DC Studios).
Discovery Global: Television networks such as CNN, TNT, and Discovery Channel will be spun off to a new publicly traded company, Discovery Global.
The separation process for these units is expected to take 6 to 9 months and will be completed before the final acquisition of the film division by Netflix. "Our revised all-cash deal will expedite the shareholder voting timeline and provide greater financial certainty," emphasized Ted Sarandos, co-CEO of Netflix. Investors are closely watching Netflix's financial results on Tuesday, hoping for additional details regarding the sales process and the streaming giant's next steps.
Source: CNBC, BBC
