By Micah Jonah
January 21, 2026
Netflix has revised its $82.7bn offer for Warner Bros Discovery to an all-cash bid of $27.75 per share, aiming to block Paramount Skydance’s rival attempt. The Warner Bros board unanimously supports the cash deal, which is expected to expedite a shareholder vote by April.
The move replaces Netflix’s earlier cash-and-stock proposal and provides financial certainty for Warner Bros shareholders. Paramount Skydance’s $30-per-share cash offer is considered less attractive because Warner investors would retain a stake in the Discovery Global spin-off, which includes CNN, TNT Sports, and Discovery+.
Netflix’s offer reduces leverage risk compared with Paramount, carrying roughly $85bn in debt versus Paramount’s $87bn, and benefits from an investment-grade credit rating. Paramount’s bonds are rated junk by S&P, adding regulatory and financial uncertainty.
Investors and analysts say the race will likely come down to the shareholder vote, but Netflix’s pivot to cash strengthens its position and signals seriousness in securing the deal. Regulatory scrutiny on media consolidation remains a potential hurdle.
