Netflix Prepping All-Cash Bid for Warner Bros. Studios and Streaming
Variety • • business
Key Points:
- Netflix is preparing a revised all-cash offer to acquire Warner Bros. Discovery's streaming and studios businesses, shifting from its original deal combining cash and Netflix stock, which had an enterprise value of $82.7 billion.
- The change comes amid pressure from Paramount Skydance, which is pursuing a $30/share all-cash hostile bid for WBD and has filed a lawsuit to obtain financial details of the Netflix deal while launching a proxy fight to replace WBD board members.
- Netflix’s shares have dropped over 12% since the deal announcement, reducing the acquisition's value to WBD shareholders, with Paramount claiming the Netflix transaction’s value is now $27.42 per WBD share and alleging the Discovery Global spin-off shares
