Netflix Will Now Pay All Cash for Warner Bros to Keep Paramount at Bay
Netflix has shifted to an all-cash offer for Warner Bros Discovery’s studio and streaming assets, seeking to block rival bids from Paramount and strengthen its position in a heated consolidation battle.
The revised bid values Warner Bros at $82.7 billion, or $27.75 per share, replacing an earlier cash-and-stock proposal. The move has unanimous backing from Warner Bros’ board and is designed to provide shareholders with greater certainty amid volatility in Netflix’s own share price. Netflix co-CEO Ted Sarandos said the all-cash structure would accelerate the timeline to a shareholder vote, expected by April.
Both Netflix and Paramount have been vying for Warner Bros’ film and television studios, extensive content library, and major franchises including Game of Thrones, Harry Potter, and DC Comics characters such as Batman and Superman. Paramount, led by Skydance’s David Ellison, has pressed shareholders to reconsider its rival bid, but Warner Bros has repeatedly rejected it, arguing that Netflix’s offer delivers superior value and lower execution risk.
Market reaction was mixed, with Netflix shares edging higher while Paramount and Warner Bros shares slipped. Analysts said Netflix’s cash-only pivot raises pressure on Paramount to submit a clearly superior proposal if it hopes to stay in the race. Regulatory scrutiny remains a concern, as lawmakers have warned that further media consolidation could limit competition and raise prices for consumers.