Netflix has intensified its push to dominate the global streaming industry, revising its bid for Warner Bros. Discovery’s studios and streaming business into a fully all-cash offer valued at approximately $83 billion. The move underscores the company’s persistence and strategic hunger as competition for premium content assets accelerates across the media landscape.
The streaming giant is now offering Warner Bros. Discovery shareholders $27.75 per share in cash for the studio and streaming operations, including HBO Max. By abandoning a mixed cash-and-stock structure, Netflix is eliminating market uncertainty and positioning the deal as execution-ready, signaling that it is prepared to deploy capital decisively to secure assets it considers critical to long-term leadership.
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Netflix said the revised structure enhances certainty for shareholders and shortens the path to approval, with a shareholder vote expected by April 2026. The all-cash offer replaces an earlier proposal that included both cash and Netflix shares and had already received board approval. The change reflects Netflix’s willingness to move faster and stronger as competitive pressure mounts.
Executives on both sides framed the transaction as a defining strategic alignment. Warner Bros. Discovery President and CEO David Zaslav described the deal as a convergence of two global storytelling powerhouses. He noted that combining Warner Bros.’ century-long creative legacy with Netflix’s global distribution platform would extend the reach of its intellectual property and strengthen its ability to serve audiences worldwide.
Netflix co-CEO Ted Sarandos said the revised agreement demonstrates confidence in the long-term value of premium content and the scale required to compete globally. He reaffirmed that Warner Bros. Discovery’s board continues to unanimously support the transaction and described the all-cash offer as the clearest path to delivering value for shareholders, creators, and consumers.
The revised bid comes amid heightened rivalry from Paramount Skydance, whose hostile offer for Warner Bros. Discovery introduced fresh complexity into the acquisition process. Rather than retreat, Netflix responded by sharpening its proposal, reinforcing its intent to defend strategic ground and emerge stronger in the next phase of the streaming wars.
Beyond ownership and scale, Netflix and Warner Bros. Discovery highlighted the broader economic impact of the proposed combination. The companies said the deal would expand production capacity, accelerate investment in original content, and support job creation across the U.S. entertainment industry, strengthening the creative ecosystem that underpins global media growth.
If approved, the transaction will proceed alongside Warner Bros. Discovery’s planned corporate split. Netflix will acquire the Warner Bros. studio and streaming assets, including Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, and HBO Max. Discovery Global, housing networks such as CNN, TNT, and Discovery Channel, will be spun off as a separate publicly traded company.
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The all-cash bid sends a clear message to the market. Netflix is not merely competing in the streaming era; it is actively shaping it. By moving with speed, conviction, and financial muscle, the company is positioning itself to define the future of global entertainment and maintain its leadership in an increasingly crowded industry.
