Netflix is preparing to revise its agreed takeover of Warner Bros. Discovery’s studio and streaming assets, with reports suggesting it could replace the current cash-and-stock structure with an all-cash offer.
The transaction, announced in early December, values WBD at $27.75 (€23.8) per share and covers Warner Bros.’ film and television studios alongside HBO Max and HBO, with WBD’s Global Linear Networks business slated to be separated as “Discovery Global” in Q3 2026.
It comes as Paramount Skydance steps up its hostile push for the whole of WBD, including its cable assets. The issue of what happens to the WBD channels that include Discovery, TNT Sports and CNN is at issue given the poor stock market debut of NBC’s channels spinoff Versant. Netflix and Paramount have also been performing poorly amid market uncertainty.
Paramount has filed suit seeking more disclosure around WBD’s Netflix agreement and says it plans to nominate directors and solicit votes against the Netflix transaction, while reiterating its own $30-per-share all-cash proposal.
WBD previously rejected Paramount’s approach and said a shareholder vote on the Netflix deal is expected in spring or early summer 2026, with Netflix arguing its proposal offers greater certainty of funding and closing.
