Netflix has made a significant change to its proposal for acquiring Warner Bros. Discovery (WBD). According to an SEC filing on Tuesday, the streaming giant adjusted its offer to an all-cash bid of $27.75 per share.
This new offer is a shift from the initial deal made in December 2025, which was a mix of cash and stock valued at $72 billion.
WBD's board has unanimously accepted Netflix's amended offer. Previously, shareholders were set to vote on the deal in the spring or early summer of 2026.
However, the revised all-cash bid could enable shareholders to vote earlier, which may accelerate the approval process.
While Netflix aims to finalize its acquisition of WBD, Paramount Skydance is intensifying its efforts to take over the company.
Paramount has initiated a hostile takeover attempt that includes WBD's cable TV networks like CNN and TNT. Last week, Paramount also sued for information to support its pursuit and launched a proxy fight to nominate directors for WBD's board.
On the same day as Netflix's announcement, WBD filed a preliminary proxy statement. This statement seeks shareholder approval for the Netflix deal.
If the deal is approved, WBD's cable TV networks would be spun off into a new publicly traded entity called Discovery Global.
Netflix is scheduled to report its quarterly earnings after the market closes on Tuesday.
Investors are keenly awaiting this report, hoping for further updates regarding the acquisition process and the overall direction of the company.