Netflix is escalating its high-stakes bid to acquire Warner Bros Discovery’s studio and streaming assets after months of negotiation and rivalry with Paramount Skydance. The streaming giant recently revised its original proposal into an all-cash offer valued at about $82.7 billion, aiming to provide clearer value to investors and streamline the merger process. Netflix’s board and Warner Bros Discovery leadership have signaled support for this amended structure, which replaces the previous mix of stock and cash.
The move comes amid fierce competition, as Paramount continues its own hostile takeover attempts with a rival all-cash bid of roughly $77.9 billion. Paramount has extended its tender offer deadline and mounted legal and proxy efforts to sway Warner shareholders, even as Netflix’s deal retains the backing of the company’s directors. With regulatory reviews and antitrust scrutiny on the horizon from U.S. and international authorities, the acquisition could reshape the global media landscape if it clears approvals and secures shareholder votes expected by April or later in 2026.
